e-Forex Magazine July 2002
e-Forex Jul 2002 - FX - The Wild West of Capitalism? Trading Forex & Money Markets via the Internet. Legal Issues and Patent related issues. What threats to FX eCommerce?
FX – The Wild West of Capitalism?
Foreword
Heering Ligthart argues that a truly global market such as foreign exchange probably cannot be regulated, but individual market participants can and should be....show more
A crucial time for portals.
Leader
Now is a key time in the development of multi-bank portals and Brian Maccaba believes that in the future they will become the chief method of price discovery for clients....show more
Currency Management – A Paradigm Shift.
Case Study
Who provides the best FX execution? Christopher Cruden from Tamiso, the New York based Currency Manager outlines how a “strategic alliance†has led them to some interesting answers....show more
TTL – A case study in eFX development.
Case Study
Peter Moss describes the lessons that were learned from the experience of Tullet & Tokyo Liberty plc in developing their e-commerce, hybrid and electronic broking solutions....show more
(Real) Trends in e-trading - coming to a floor near you.
Features
Tomorrows winners in the world of FX trading will be those offering tangible value to their customers and not just fancy web-sites with bells and whistles states Bill Moran....show more
eTrading : an opportunity to improve OTC market mechanisms.
FOCUS
Carlo Kolzer explains how new web-based technology has the potential to improve buy-side access to liquidity by reducing credit risk related restrictions....show more
FX Prime Brokerage - breaking the credit lock.
FOCUS
The development of FXPB represents a revolutionary change to the structure of FX trading and credit relationships and offers many benefits to all participants in the FX market says Lori Mirek....show more
TWIST – an update.
Features
We ask Tom Buschman, who is leading the TWIST industry standard initiative, for another update on its progress....show more
What role can SWIFT play in facilitating electronic FX trading?
Features
Patrick de Courcy discusses the broad role that SWIFT can play in helping to define and implement the next generation of generic standards for the FX market....show more
The role of single-bank FX systems in the evolution of online FX trading.
Viewpoint
Richard Estes outlines why he believes the continued success of single bank trading systems is playing a strategic role in the growth of online FX....show more
STP:dealing with the myths.
Features
The importance of the benefits that STP can bring to your business cannot be overlooked argues Vinny Lisanti....show more
Trading Forex & Money Markets via the Internet.
e-FX Industry Report
Armin Dahl and Gerald Kutschke provide a summary of the results from the recent KPMG Consulting AG survey taken from amongst DAX-100 companies....show more
Legal Issues and Patent related issues. What threats to FX eCommerce?
Features
Patents can provide protection for developers of new eFX systems but can also pose a threat, particularly the business method patent. Ari Laakkonen examines the issues....show more
with Joe Norena Managing Director, Head of Global Liquidity Services at Deutsche Bank
e-Forex Interview
Joe Norena Managing Director, Head of Global Liquidity Services, Deutsche Bank...show more
Barclays Capital FX Trader- Leveraging Innovative Technology
News
...show more
Global CLS Bank Settlement Service Links Market With Vendor Registration Programme
News
...show more
ICor Brokerage Conquers Asia/Pacific - readies for European Launch
News
...show more
Standard Chartered launches escape
News
...show more
Merrill Lynch GFX enhances client service
News
...show more
Dresdner Kleinwort Wasserstein announces two new e-features for FX clients
News
...show more
JPMorgan expands its e-commerce capabilities
News
...show more
HSBC delivers enhanced e-trading functionality
News
...show more
Bloomberg FX Enhances STP Capabilities
News
...show more
FairEx’s Innovation wins Infocomm Awards
News
...show more
Instinet and Citibank Announce Alliance to form The Instinet FX Cross
News
...show more
UBS Warburg launches FX Trader “Lite†and enhances FX Option Trader
News
...show more
SG launches new version of Idealforex
News
...show more
GFI Launches FENICS FX 2002
News
...show more
FXmicropay – changing the pricing paradigm of foreign exchange
News
...show more
Royal Bank of Scotland signs on to Money Market Connect (MM ConnectSM)
News
...show more
Higher Autodealing Limits for UBS Warburg
News
...show more
360T to offer commercial paper trading
News
...show more
Cognotec launches FXall DIRECT
News
...show more
FXaLL INTEGRATES WITH FXpress SYSTEM
News
...show more
The healthy future of the FX market as shown by the BIS report
Foreword
Godfried De Vidts, President of the ACI, looks for the reasons behind the improved market turnover highlighted in the recent BIS 2004 results....show more
The FX distribution model – Online FX forcing tough decisions
Leader
Robin Poynder looks at some of the difficult problems facing banks in looking for the most efficient methods of distributing their transactional capability in the new eCommerce environment....show more
FX Portals – segmenting the market?
Marketplace
Each FX trading portal has distinctive features attracting a different client base. James Kemp looks at whether they are segmenting the FX market and what overall effect that might have....show more
Maturing eFX - providing the foundation for broader e-solutions
Features
Shane Galligan discusses the changing eFX needs of the buy-side and what effect this is having in driving demands on the sell-side to develop new, broader e-solutions....show more
What is Best Execution in the Foreign Exchange market?
Features
There is some confusion surrounding the idea of Best Execution in the FX market. Chip Lowry shows how tricky it is to define and the difficulty to empirically prove it....show more
Online Asset Management in motion
Features
Charles-Henri Sabet outlines how the Internet revolution has brought lower trading costs and real-time information to liberate the investor and level the playing field for the manager of funds....show more
eFX and the Front Office – Asset Managers embrace trade OMS
Features
Susannah Quirion shows how, in the near future, asset managers should expect to see a complete automation of the FX process, with more deeply integrated OMS technology and functionality....show more
Online FX dealing – Building efficiencies between subsidiaries and Group Treasury
Features
James Hodge looks at where the corporate demand for Online Trading and STP Platforms is coming from and how American and European firms may differ in their use of these platforms....show more
The electronic trading of derivatives – is it here at last?
Features
Derivative volumes continue to grow and Tom Binks explains how he and many of his industry colleagues expect to see a continued migration of business from voice to screen based trading....show more
FX Option pricing – developing an online capability
Features
Nicolas de Breteuil looks at the benefits of being able to offer an electronic Options trading platform and the sort of functionality it should offer....show more
Component-based platforms – offering another choice for eFX
Features
Aviv Handler demonstrates how taking an asset-neutral, service-based component approach to trading systems represents a sustainable way of ensuring competitive service in the FX business....show more
High frequency automated FX trading
Retail Forex Client
The concept of automated trading has attracted rapidly growing interest in recent years. Andy Webb looks at a key focus for this growing interest which is high frequency autotrading....show more
Aggregation of portal & single bank liquidity
Viewpoint
David Ogg discusses how the aggregation of portal and single bank liquidity will provide a new paradign for improving eFX....show more
Refco: using Currenex to meet the demands of an extensive customer base.
Case Study
Refco: using Currenex to meet the demands of an extensive customer base....show more
e-Forex Case Study : The Trader Notification System
Case Study
A technology to bring voice brokers in the FX arena into the 21st century...show more
The e-Forex Surgery: Online FX Prime Brokerage
The e-Forex Surgery
Stephen Dispenza answers questions about FX Prime Brokerage....show more
Exceptions processing in FX trading - automation is reducing costs
Features
As financial institutions strive for STP it’s important to keep in mind that it cannot be achieved without straight-through exception processing (STEP). Colin Day investigates....show more
Spotlight - The new FX trading guidelines from two leading Australian industry associations.
Spotlight
...show more
Retail meets Wholesale FX: A growing convergence
e-FX Industry Report
With both sides of the market converging, Mark Galant looks at how all FX clients will gain equal access to superior service and technology. ...show more
The changing needs of the retail equity investor:the emerging importance of FX research in investment decisions
Log-Off
Shane Smith talks about the changing needs of the retail equity investor and the emerging importance of FX research in investment decisions....show more
Online Product and Service Differentiation.With UBS, Bank of America, Handelsbanken and Deutsche Bank.
e-Forex Roundtable
The key to client acquisition and satisfaction 4 major FX providers discuss the key questions....show more
Delivering Online FX Research & Analytics
FOCUS
The new Forex trader: New tools, classic analysis Raghee Horner looks at how traders can best take advantage of the benefits that the Internet and advanced web technology brings....show more
FORUM: Delivering state-of-the-art online FX Research and Analytics
FOCUS
In our FORUM 4 major players discuss issues surrounding Online FX Research & Analytics....show more
With Tom Roche, Managing Director, Global Head of eCommerce & Agency Treasury Services, The Royal Bank of Scotland Financial Markets
e-Forex Interview
With Tom Roche, Managing Director, Global Head of eCommerce & Agency Treasury Services, The Royal Bank of Scotland Financial Markets...show more
EBS Trader to be fully integrated on Bloomberg
News
...show more
CLS Bank live with four additional currencies
News
...show more
TraderTools develops "AutoFill" for OMS
News
...show more
Trading Technologies & FlexTrade to offer Hotspot FXism
News
...show more
Calyon upgrades global FX Trading platform
News
...show more
CME FX on Reuters Launches
News
...show more
BTM strengthens the functionality of FX@BTM
News
...show more
FXall launches Altair
News
...show more
New Position Management Tool announced by Currenex
News
...show more
Reuters announces next generation transaction strategy
News
...show more
Fortis Bank selects TRS from Telerate and MarketXS
News
...show more
GFI to Connect to UBS FX Option Trader
News
...show more
RBS offers web based IAS39 Toolkit
News
...show more
SEB to use FFastFill’s managed service
News
...show more
Calyon becomes latest EBS Prime Bank
News
...show more
Logicscope introduces TradeSTP Deal Notification Product
News
...show more
IFX in US acquisition
News
...show more
Reuters TBS achieves trading record
News
...show more
ActForex introduces WinTraderâ„¢
News
...show more
Lava launches LavaFX
News
...show more
Online FX charting service added to HSBCnet
News
...show more
UNIBANKA selects ICYFX
News
...show more
Ericsson joins buyside users of SD-FX
News
...show more
State Street signs 5 Canadian banks to post-trade FX tool
News
...show more
Wachovia delivers flexible solutions
News
...show more
Trader Gamesâ„¢ launches real-time online FX game
News
...show more
WestLB goes live with Gissing Software’s ConteX MCS
News
...show more
Baxter-FX and ICY announce agreement
News
...show more
GFT’s DealBook® FX 2 to feature multiple currencies
News
...show more
MarketXS Introduces TradeNet
News
...show more
FXpress releases FIRSTâ„¢ Treasury workstation
News
...show more
Cognotec top for seventh year
News
...show more
The challenge for FX trading systems – Continuous availability
Features
Rajeev Kotyan looks at the impact of downtime in the eFX marketplace and the two most prominent approaches to minimising it....show more
Bloomberg Introduces FX Fixing Rates
News
...show more
The Bank of New York upgrades iConfirm system
News
...show more
360T® reports soaring FX Spot service
News
...show more
Digitec commences FX Spot pricing initiative
News
...show more
Dukascopy offers a technology solution for Central Bank interventions
News
...show more
RBS expands offering to Hedge Fund community
News
...show more
FFastFill Signs RBC Capital Markets for CME FX on Reuters service
News
...show more
Nordea improves electronic FX trading
News
...show more
FXDD launches automated currency trading platform
News
...show more
FNX Solutions rolls out new real-time cross asset blotter
News
...show more
CalPERS selects LavaFX for Foreign Exchange trading
News
...show more
eSignal offers Forex content (and free strategies)
News
...show more
GAIN Capital group launches FOREXTrader
News
...show more
Wall Street Systems announces eConfirmations capabilities
News
...show more
Portware sees growth in client use of Algo FX
News
...show more
Interbank FX launches new (GPS) Software
News
...show more
360T® opens in New York and Singapore
News
...show more
Traiana launches the Harmonyâ„¢ Allocation Service
News
...show more
TraderTools to provide Software as a Service
News
...show more
FXall goes live with Accelor
News
...show more
Currenex extends order capabilities
News
...show more
GL TRADE completes acquisition of FNX Solutions
News
...show more
Evolution and diversification in FX over the past 3 years
Foreword
Godfried De Vidts looks back over the last 3 years since he took up the chair of the ACI....show more
Revolutionary transformation and extraordinary opportunity – Today’s electronic FX Market is changing everything
Leader
Ian Martin looks at how the digital nervous system of e-FX is transforming the FX market....show more
Electronic trading systems capture one half of global FX volume
e-FX Industry Report
Peter D’Amario reports on the remarkable increase in electronic forex trading activity over the past 12 months....show more
The exchange model and FX: weighing up the challenges
Marketplace
Anthony Scholfield examines the factors that may move the FX market towards an ‘exchange model’ providing an open architecture and aggregated “one stop†liquidity, algorithmic order processing and central clearing facilities....show more
The Internet: Can it really meet the future demands of e-FX?
Features
Nicholas Pratt sets out to discover whether there is a finite level to the internet’s capacity to support the future demands of e-FX....show more
The Internalisation model: helping the sell-side extend the e-FX value proposition
Features
James Kemp examines the drivers and impacts of the internalisation model....show more
Past and future evolution of online FX options trading
Features
Dr David Gershon outlines the evolutionary pathway leading towards online option trading...show more
Exploring derivative frontiers: extending the reach of electronic FX Option platforms
Features
Frances Maguire speaks to a selection of providers to explore the gradual climb towards fully automating the complexity of FX options....show more
Countdown to MiFID – are you compliant?
Standards
Chris Pickles examines compliance and other issues as we approach the run-up to the implementation of the directive later this year....show more
FX dips toes in Dark Pools
Features
Axel Pierron looks at how trading in dark pools, traditionally dominant in equities trading is also making its way to FX....show more
SWFX technology - servicing the Decentralised Swiss FX marketplace
The e-Forex Surgery
With Alain Broyon & Dr. Andre Duka....show more
Extending connectivity to meet the demands of latency sensitive FX Trading
Features
Mark Akass looks at why with the adoption and evolution of advanced trading strategies in the FX market, the importance of latency is the key question that will arise....show more
Data: threatening to derail the Algo FX bandwagon?
Algorithmic FX Trading
With Justyn Trenner, Jim O’Hagan, Yaacov Heidingsfeld and Dmitry Bourtov....show more
Addressing the challenges of Algorithmic FX trading
Algorithmic FX Trading
With UBS, Barclays Capital, Morgan Stanley, Deutsche Bank and Credit Suisse....show more
Utilising FX algorithms to enable smart order routing
Algorithmic FX Trading
With Andrew Yao...show more
Central & Eastern Europe
Regional eFX Perspective
Heather McLean interviews major technology vendors and FX buy-side and sell-side players in the region....show more
Gauging the potential for online trading in leading emerging market currencies
FOCUS
Nicholas Pratt examines what prospects today’s leading emerging markets have to become an efficient and reliable online trading market place....show more
Leveraging local expertise and liquidity strategies to provide comprehensive e-commerce and e-FX services
FOCUS
Frances Maguire discovers how banks are using their own regional expertise to rapidly expand their e-FX services in key emerging markets....show more
FX Technology Forum: Delivering electronic FX trading channels to key Emerging Markets
Forum
With Wall Street Systems, Charles River Development, Eurobase International and Cognotec....show more
Retail Market Overview: China – More than a numbers game
Retail Forex Client
Steven Petillo evaluates the potential for the retail foreign exchange market in China and what’s shaping the electronic trading landscape in the country....show more
Adding a new dimension to measuring FX autotrading performance
Retail Forex Client
Greg Hay outlines how clients can now be provided with verified trading results taken from live accounts, to reduce the confusion facing Retail FX Traders when selecting trading systems to add to their portfolio....show more
Trading from a chart with Trade Companion and BGC
Case Study
...show more
Tradertalk
Tradertalk
With John. W. Holsinger, winner of the 2006 Robbins World Cup trading championship, FX division....show more
With Niels van Daatselaar, head of e-Commerce, Global Financial Markets, Rabobank International.
e-Forex Interview
Niels van Daatselaar Head of e-Commerce, Global Financial Markets, Rabobank International....show more
What holds the key to mainstream adoption of Algorithmic FX trading?
Under the Microscope
Bob McDowall discusses the themes of buy-side growth, technology challenges and reducing market resistance that may provide the key to mainstream adoption of Algorithmic trading in FX markets....show more
Features
...show more
Financial Markets: Are we heading back to normality?
Foreword
Some economies are showing signs of recovery. Will it be sustainable? Will the financial markets industry find a way back to 'normality'? What will be the consequences for the FX markets? The financial crisis has highlighted just how little is known about the structure of banks' international balance sheets and other issues of interconnectedness. Nowadays we are all waiting for what the regulatory environment comes up with next.......show more
Standing at the crossroads: Why FX must reinvent the post trade process.
Leader
Jesse Drennan explains why post-trade processing in FX demands reinventing....show more
FX serves up a dish of connectivity spaghetti
Marketplace
Jon Vollemaere, co-Founder of FXecosystem shares some thoughts on low latency trading for FX and some pasta recipes. ...show more
FX Prime Brokerage: What does it take to be a provider of choice?
Features
The dramatic defaults of Lehman Brothers and AIG prompted a flight to quality in the FX prime brokerage market. Frances Maguire looks at what it takes to be a provider of choice in the current environment and in the future....show more
Deploying Proximity Hosting for Achieving Ultra-low Latency FX
Features
The drive by trading houses and boutiques to secure ultra-low latency solutions to FX market venues and their matching engines has been cranked up of late, with deployment of proximity hosting being a must-have offering. Roger Aitken examines the state of play in proximity hosting and co-location services, semantics aside....show more
Bunzl
Case Study
Bunzl is a FTSE 100 UK company with operations spanning the Americas, Europe and Australasia. The company has partnered with both customers and suppliers in providing outsourcing solutions and service oriented distribution. It supplies a broad range of internationally sourced products that are everyday essentials for its' customers to operate their businesses. Bunzl's revenue in 2008 was £4.2bn with operating profit of £245m. The company has around 13,000 employees worldwide and operates a centralised treasury department which acts as an in-house bank and is comprised of four people. The department carries out transaction hedging on behalf of subsidiaries and generally manages the foreign exchange and banking relationships of the Group. e-Forex talks to John Chamberlain, Treasury Manager in their treasury department....show more
Identifying the optimal combination of FX algorithms
Algorithmic FX Trading
The decision on whether or not to use FX algorithms is an easy one to make in today's market, however deciding which ones to use is a more difficult choice. For example, is it better to deploy an off-the-shelf algorithm or a customised solution? How much tailoring can be done with an off-the-shelf solution and how much work on the clients' side does customisation involve? Nick Pratt examines some of the key issues....show more
Leveraging Smart Order Routing for Best Execution in FX
Algorithmic FX Trading
In the electronic trading FX world, every application has its role. Aggregation tools are responsible for presenting a consolidated view of the market's far-flung liquidity. And the algorithms are the mathematical means by which traders can automate their increasingly sophisticated execution strategies. In between these two processes sits the smart order router (SOR) and its job is to direct the algorithms to the various liquidity sources collected by the aggregator....show more
FX sell-side perspectives on high frequency trading
Algorithmic FX Trading
Irene Aldridge discusses the mechanics, pros, cons and the implementation challenges of several key sell- side high-frequency strategies which can be applied to many securities, including FX....show more
Buying on Rumour and Selling on Fact: Twitter News Comes to Algo FX
Algorithmic FX Trading
Twitter, the social networking site, is fast catching on as a source of news for FX traders and other market participants, who can now feed 'tweets' into their algorithms in real-time to assist in making trading decisions. Roger Aitken explores....show more
Today's FX Market demands advanced technology
Viewpoint
The forex market has been changing rapidly, with the emergence of FX as a legitimate asset class for financial investment and speculation, the rapid growth of electronic marketplaces, and more recently, the introduction of algorithmic trading. These trends have pushed the technology curve, demanding more sophisticated tools to optimize results....show more
Gaining competitive advantage with FX Aggregation services
FOCUS
If what you see is truly what you get then it is little surprise that traders are investing heavily in FX aggregation. But, says Nicholas Pratt, with such a wide variety of products on offer, how do traders pick the most appropriate solution?...show more
MAP Regional Study - Cyprus: S.Platis – A driving force of FX Registration
Retail Forex Client
MAP S.Platis is an independent Cyprus-based centre of excellence in the support of financial institutions operating or wishing to operate in the European Union. The company is the leader in the field of registration of Banks and Investment Firms (IFs), including foreign exchange (FX) brokers and market makers in the European Union. The Managing Director, Dr. Stelios Platis, talks to e-Forex about the activities of the company and particularly its core, Financial Services Advisory (FSA), division....show more
Profile: Windsor Brokers - motivated to be an e-FX pioneer
Retail Forex Client
Windsor Brokers is a leading Cyprus-based investment firm that was established in 1988. The company provides a wide range of financial products such as Forex, Futures, Precious Metals, Indices, CFDs and Energies. Johny Abuaitah is Managing Director of the company and talks to e-Forex about its products and services and plans for future growth. ...show more
Tadawul FX Placing a premium on integrity
Retail Forex Client
e-Forex talks to Ramzi Chamat, CEO of Tadawul FX Ltd, a leading Swiss forex broker who recently relocated their headquarters to Cyprus....show more
New Release: MetaTrader 5 Trading Platform
Retail Forex Client
e-Forex has an exclusive interview with Alexander Saidullin, lead programmer of the new MetaTrader 5 Trading Platform...show more
Rules-based trading in Retail FX: getting the robots to do all the work
Retail Forex Client
There was a time when people dreamed of tomorrow’s world; a place where robots did all the work and humans sat around, directing operations and getting fat. For traders in electronic foreign exchange trading, that day is here. Rules-based trading in retail FX is now a robot-friendly zone. Heather McLean takes a look at what the major pundits in this industry have to say about the decision kick back and letting R2-D2 and C3PO take over....show more
Staying ahead of the pack - gaining exposure to Forex CFDs
Retail Forex Client
Contracts For Difference (CFD) trading is a vehicle that has been designed to enable investors to open either a long or short position in a synthetic contract that moves in line with the underlying security. The ability to use leverage affords the investor the opportunity to carry out trades using only a fraction of the underlying contract value. Heather McLean looks at what makes CFD trading an extremely attractive way of gaining significant exposure to securities such as FX, without the traditional obligation to fund the entire contract value. ...show more
With Giovanni Pozzi, CEO of JW Partners
Tradertalk
...show more
From FX Regulation to FX Taxation
Foreword
The financial markets have never before seen so many reviews looking at fresh ways to regulate. Although Regulation and Taxation may no longer be real news to us, the frequency and attention given to the topic in public discussion is increasing....show more
Strengthening client relations with FX e-services
Leader
As many leading FX providers are now adopting more client-centric strategies when rolling out new electronic products and trading platforms, Nicholas Pratt explores in what ways electronic FX services can help improve and engender more productive client relationships....show more
Electronic trading tops 60% of Global FX trading volume
e-FX Industry Report
Strong growth in electronic trading activity last year pushed electronic foreign exchange volumes above 60% of the overall global FX market for the first time. ...show more
2011 Social Forex Awards
Awards
Roger Aitken reviews the ‘2011 Social Forex Awards’ held this February in central London – which were the first of their kind....show more
Making sense with CORTEXFX
Platform Profile
The CORTEX brand is synonymous with 2 concepts - Intelligence and Advantage. Just as the CORTEX of the brain controls the senses, CORTEXFX, (which is the first product to be launched under BNP Paribas new electronic trading brand) allows BNP Paribas clients to take full control of their FX trading environment using a feature rich, stable, platform. Thomas Soede, global head of e-commerce at BNP Paribas talks to Frances Maguire about the launch of BNP Paribas advanced multi-product FX trading platform. Employing cutting edge trading technology, CORTEXFX offers efficient execution and a one-stop point of access to a range of intelligent electronic products, tools and services from BNP Paribas. ...show more
Streamlining and simplification of FX trading operations with more unified post trade architectures
Features
Mandatory clearing of NDFs via CCPs is expected to be implemented this year and with clearing of FX Options to follow, Frances Maguire looks at whether the changes to the back office will bring more joined-up processing for FX....show more
ProTrader2 - bringing a fresh perspective to the fast evolving FX market
Sponsored Statement
Lars Holst, CEO of CFH Markets, talks about how the FX market is evolving and in what ways the new ProTrader 2 platform has been designed to improve the overall trading experience for the company’s clients....show more
Why controlling your entire margin trading chain should be a top priority
Sponsored Statement
...show more
Visualisation – achieving real-time perspectives of the FX liquidity landscape
Features
A new generation of liquidity aggregation technologies and liquidity management toolsets can now assist high performance FX sell-side and buy-side firms to visualise liquidity and therefore accelerate deployment of alpha generating algorithms and optimise the implementation of their trading strategies. Nicholas Pratt explores what factors and FX business drivers are creating demand for improved real-time views of FX liquidity. ...show more
ActForex: Treading the path to business success in FX
Technology Provider Profile
The independent trading platform provider, ActForex, started business in 1998, which was before e-Forex was launched. As the company now has traders in over 100 countries using its products, we asked CEO Ilya Sorokin to tell us more about the secret of their success....show more
Africa
Regional eFX Perspective
Richard Willsher discovers how trade and telecommunications infrastructure shape the current foreign exchange market in Africa as a whole and although South Africa is the continent’s leading electronic trading market, he outlines why we can expect to see growth in e-FX taking place in many other countries within the continent over the next few years....show more
Committed to maintaining a balanced ecology for all traders
e-Forex Interview
e-Forex talks with Jeff Ward, Global Head of FX Sales at ICAP Electronic Broking....show more
Strength, experience & innovation – pivotal issues when choosing a strategic partner for FX Prime Brokerage services
FOCUS
While FX prime brokerage is already a growth area, the added complexity of mandatory clearing for NDFs and FX options is likely to give the segment another boost as those drawn into clearing consider the benefits of a prime broker. Frances Maguire looks at what is in store....show more
Hotspot FX Private Label
Product Launch
e-Forex talks with John Miesner, Managing Director and Head of Sales at Hotspot FX, about the launch of Hotspot FX Private Label....show more
CEP - A disruptive technology changing the face of FX
Forex Technology
Complex Event Processing (CEP) technology is continuing to expand further out across and beyond capital markets and banking sectors - including at FX retail and institutional levels. Top use cases from just a few years ago - headed by algo trading - have been leapfrogged lately by auto hedging and risk, market surveillance and FX e-commerce. Roger Aitken examines the landscape. ...show more
Utilizing cloud computing architectures for improved control over risk and FX back-office operations
Forex Technology
With cloud computing services continuing to have a dramatic impact on the delivery of FX trading applications, Joe Morgan looks at where we can expect to see further significant use of the technology being applied to post trade and FX risk management operations....show more
Improving FX Market Data delivery with Managed Network connectivity services
Forex Technology
Joe Morgan discovers more about how managed network connectivity solutions can significantly improve the delivery of FX market data between FX trading venues, counterparties and data centers and what tools and applications are now available via managed network providers to help High Frequency FX trading firms analyse their pricing, trading and post-trade data processing activities....show more
Unified Messaging: helping to extend FX trading platforms beyond the enterprise
Forex Technology
Joe Morgan examines how a new generation of middleware messaging architectures can now be leveraged to help platform developers overcome many of the difficulties in moving real-time FX data across multiple delivery channels....show more
Banks and brokerages to benefit from Gold-i enhancements
Sponsored Statement
Latest developments from Gold-i, a global market leader in trading systems integration, ensure that its flagship product, the Gold-i Gate Bridge, remains at the forefront of the trading technology industry. Tom Higgins, Gold-i’s CEO explains the key features and benefits of Gold-i’s latest upgrade, Version 258....show more
FX Mythbusters: Defending the value proposition of Single-Dealer Platforms
FX Mythbusters
Patrick Myles, Chief Technology Officer at Caplin Systems answers some questions on the subject of Single Dealer Platforms....show more
Boston Prime: bringing innovation to liquidity connectivity
In the chair
e-Forex talks with David Hastings, CEO of Boston Prime, an innovative liquidity connector which provides institutional-grade liquidity for FX market participants....show more
CoreVG - helping to amplify market making profits.
Retail e-FX Provider
Varengold, the German investment bank, has recently launched an enhanced flow and risk management tool - CoreVG for brokers that enables them to amplify and leverage their market making profits. The company’s CEO Yasin Sebastian Qureshi, tells e-Forex more about this product and the growth of the firms institutional offerings....show more
White Labelling taking the fast track to capturing new business opportunities in FX
Retail e-FX Provider
Heather McLean examines what factors should influence a financial institution or brokers choice of FX White Label (WL) solution and strategic licensing partner to work with and in what ways WL partnerships can help trading firms to grow their market share and take advantage of fast evolving regional business growth opportunities in FX. ...show more
FASTTRACK
Fast Track
With Andrew Ralich, Co-Founder and CEO of oneZero Financial Systems, a leading provider of low latency software systems for the financial markets....show more
AxiTrader - a perfect partner to get your clients trading
Retail e-FX Provider
e-Forex talks with Matt McIntyre, Partners Manager at AxiCorp Financial Services Pty Ltd, about the company’s institutional offering....show more
Retail FX ECNs - helping traders achieve more effective strategy implementation
Retail e-FX Client
Nicholas Pratt examines what benefits traders can get from dealing with brokers who take a hybrid approach to trade execution by offering both traditional Dealing Desk and and Non Dealing Desk facilities and he looks at what factors should determine whether a retail forex trader should transition to an ECN Broker and the issues that might influence their choice of platform provider....show more
MBTFX – offering more direct access to multiple liquidity providers
Product Launch
MB Trading recently launched MBTFX, a proprietary Electronic Xrossing Network (EXN) router. We asked CEO Ross Ditlove to tell us more about this product and the benefits of a more transparent FX pricing environment....show more
ThinkForex – matching high speed trade execution with dedicated client support.
Broker Study
e-Forex talks with Moses Virella, Marketing Director at ThinkForex, about the firms range of online trading services and plans for business development....show more
Social Investing - reshaping the face of Retail FX
Retail e-FX Client
At home in the spare room, all alone, day in, day out. That can be the lonely life of the retail trader. Or rather, that is what has been the lonely life of the retail trader until recently. As Heather McLean discovers, things are changing now with the rapid growth of social investment trading platforms, also known as copy and mirror trading networks, which are becoming ever more popular as they connect individuals from around the world in a hub of virtual social activity that relieves the feeling of isolation. ...show more
Harnessing the power of Harmonic Trading to improve your FX trading potential
Traders Workshop
My journey in harmonics came from a background of using Fibonacci Retracements and Extensions for the better part of two decades. It was a natural curiosity that led me to study “Fibonacci Patterns” since harmonic trading uses price patterns and Fibonacci ratios to project reversal levels (think support and resistance) in the markets....show more
Sticking to what works with currencies
Tradertalk
e-Forex talks with Philippe Bonnefoy, co-founder of Eleuthera Capital AG...show more
China – taking the first steps towards more open financial markets
Foreword
I want to talk about the efforts China has been making to set up rules and regulations for its Financial Industry but will first comment about the FX business continuing to dominate many headlines around the world....show more
HFT: Ban bad driving, not cars reducing the damage of disruptive high frequency trading to FX
Leader
In the race for speed, disruptive high frequency trading (HFT) behaviour and an arms race for the fastest market data threatens to cause more reputational damage to financial markets – but ban bad driving, not the cars argues Daniel Marcus....show more
Becoming mission critical the profound metamorphosis taking place with Post Trade FX services
Market Infrastructure
Caroline Henshaw investigates how long considered simple back-office functions and post-trade processes are playing an increasingly important role in shaping global currency markets as stricter regulations and tighter margins prompt companies to streamline their workflows....show more
Cutting through the noise - leveraging web content curation for FX trading applications
Social Media
Emmett Kilduff, CEO and founder of Eagle Alpha, explains the concept of content curation. He also outlines how companies specialised in monitoring and filtering digital information from a wide variety of social media, news sources, websites, forums and chat rooms across the web can provide deeper market insights and actionable data for high performance FX trading firms looking to build alpha generating strategies and trading models. ...show more
Single-Dealer Platforms offering high precision toolsets to give clients what they need
FX e-Commerce and Platforms
Banks have made major investments in single-dealer platforms in recent years but as the technology is commoditised, platforms need to add unique value in a fully customisable format if they are to gain market share. Joel Clark reports...show more
With Alain Broyon, CEO of Dukascopy Bank. Forex Hub, technology provider and media phenomena
e-Forex Interview
Dukascopy Bank may be a Swiss bank but its approach to its foreign exchange brokerage business is anything but conservative. The Geneva based company began life in 1998 as a software project launched by a physicist, Dr Andre Duka. This meant that technology was part of the firm’s DNA from the outset and, as we shall hear from its CEO Alain Broyon, it has remained at the cutting edge of new ideas and innovations....show more
Electronification and the future growth of FX Options
Special Report
Strides have been made in electronic trading for FX options recently and as Frances Faulds discovers there are still more to come....show more
From conflict to collaboration - how client relationships are changing across the e-FX trading environment
Debate
With Ty Danco, CEO of Buyside FX, Alan F. Schwarz, CEO of FXSpotStream, David Vincent, CEO of smartTrade Technologies and Justyn Trenner, Global of Head of Liquidity Optimization at EBS....show more
From TCA to Execution Algorithms - FXone Seabury increases its product spread
Provider Profile
With Rosario M. Ingargiola, President and Chief Executive Officer of FXone Seabury Financial Solutions (SFS)....show more
Which, When and Why taking a more informed approach to algorithmic FX trading
Algorithmic FX Trading
William Essex sets out to explore why choosing the most appropriate FX algorithm for their own specific needs can sometimes be a complex undertaking for many buyside firms who may be new to the benefits and applications of using algorithms....show more
Advanced Markets - a true innovator of wholesale liquidity, technology and credit solutions for the FX brokers
Provider Profile
e-Forex speaks with Anthony Brocco, Executive Chairman of Advanced Markets Ltd., a company that now serves more than 40,000 clients across 30 countries globally....show more
Filling the banking gap with a new wave of FX prime broker and credit intermediary
FX Brokerage Operations
Nicholas Pratt examines how a new breed of FX credit intermediaries and prime of prime brokers are able to fill the void left by banks who are responding to the impact of the tightened credit environment by reconsidering their engagement with hedge funds, prop trading firms and retail aggregators, making it harder for these firms to access interbank markets...show more
Smooth Operations: Outsourcing IT can help brokers to run MT4 more efficiently
Sponsored Statement
Managing a MetaTrader environment is highly complex. It involves specialist knowledge to ensure that systems run smoothly at all times, even when you’ve left the office. From system updates and monitoring trade activity to ensuring there is sufficient memory, storage and bandwidth, it can also be very time consuming. ...show more
Brokerage technology: acquiring the right systems for moving up the retail e-FX value chain
FX Brokerage Operations
With retail investors being one of the fastest growing groups of FX traders, brokers are rapidly having to expand their range of products and services to keep pace. Yet, as Heather McLean reports, many issues need to be addressed in order to ensure that they acquire the right technology platforms for their businesses which will enable them to grow and eventually move up the retail e-FX value chain....show more
Selecting an additional platform to MT4
Sponsored Statement
According to recent research, around two thirds of brokers using MetaTrader4 either currently have a second platform or are considering using an alternative trading platform this year....show more
The race to zero and beyond: harnessing the benefits of Microwave technology for high speed precision in FX trading
Technology
e-Forex talks to Dr Jock Percy, CEO of Perseus Telecom and Jay Lawrence, CEO of NexxCom Wireless about the application of Microwave communications technology in the FX trading environment....show more
CFH Clearing: A Prime Broker on the rise
Sponsored Statement
With its strong heritage, tailor-made liquidity, innovative technology and growing global client base, CFH Clearing is widely recognised as one of the world’s leading Prime of Prime solutions providers. Lars Holst, CEO of CFH Clearing, talks to e-Forex about market developments, the company’s growth and future plans. ...show more
FX traders see sunshine through the Cloud
Networks, Hosting and Connectivity
Dan Barnes discovers how high availability, improved tolerance and increased scalability are leading FX traders to place more confidence in the Cloud....show more
Managing a team of committed professionals
In the chair
With Abdelrahman Alimari, Managing Director of CommexFX, a fully regulated award-winning STP/ECN Forex Broker ...show more
New models and methodologies: taking your automated FX trading to the next level
Automated FX Trading
Popularity of automated trading systems has been constantly growing throughout the years. On the one hand, the reason of such popularity is that an automated trading system allows a trader to generate more trades (a robot allows to analyze more trading instruments and timeframes simultaneously) and excludes the psychological factor when making decisions. On the other hand, automated trading is popularized by brokerage companies and developers of trading platforms and trading systems....show more
TradingFloor.com exploring the untapped potential of social trading
Sponsored Statement
With Rune Bech, chief digital and communications officer at Saxo Bank...show more
Trader Diary - A tale of winners and losers
Retail FX trading
Samuel J. Rae gives us an overview of the ups and downs he has experienced with his trading strategies over the last three months and the steps he takes to maintain a positive risk reward ratio....show more
RTFX and RTFT. A successful partnership centred around investment expertise and innovative financial engineering
Tradertalk
In 2009, the business of the Swiss retail broker, Realtime Forex SA, was divided into an investment services licensed company, RTFX Ltd and its sister company RTFX Fund Management Ltd (both RTFX) and a technology services company, Realtime Financial Technologies SA (RTFT SA). e-Forex talks with Francesco Scotto, Senior Executive Officer at RTFX Fund Management Ltd, which is a specialised investment manager focused around FX, and Frederic Gay and Thierry Glauser, co-founders of RTFT SA, the trading technology provider to RTFX....show more
The last thing FX needs is the World Cup!
Currency Clips
Noureldeen Mufeed Kh. Al Hammoury Market Strategist at ADS Securities...show more
Asian currencies to weaken versus the USD in H2 2014
Currency Clips
John. J. Hardy Head of FX Strategy at Saxo Bank...show more
Common macro backdrop, different perspectives
Currency Clips
Bartosz Sawicki Head of Research at TMS Brokers...show more
Scandinavia in Focus
Currency Clips
Stan Klebaner Chief Business Development Officer at FinFx Trading Oy ...show more
Forget G10 – arise the EM10 EMFX London – May 20th 2014
Recent Events
May saw the 3rd instalment of the EMFX conference this year with a whole day dedicated to emerging markets, technology and people....show more
Has HMS EMFX left NYC? EMFX Conference New York City May 6th 2014
Recent Events
The Inaugural EMFX NYC conference was held in the Big Apple this May to bring together market professionals to discuss relevant issues surrounding both the local latam and emerging markets at large. ...show more
The search for good Mexican food Profit & Loss Conference Mexico April 2014 Mexico City
Recent Events
Someone once told me that if you want good Mexican food you need Mexicans. It’s not the same without them. With regulation front and center at PnL Mexico this year. Re-shaping market best practices, Mexico City (along with Toronto and San Paolo) are shaping up to be strategic cities for the America time zone. Its no surprise then that MXN is the 8th most traded currency pair....show more
AUD: Navigating the China slowdown
Currency Clips
When the Chinese economy roared out of the gates and onto the global stage, its major trading partners were the envy of the world. Australia, with approximately a quarter of its total exports going to China, was one of the lucky few. However, as the initial Chinese sprint slows to a trot, the close trading ties Australia boasts have turned from an advantage into the country’s Achilles heel. Among the industries hardest hit in this economic slump is the mining sector. Iron ore ...show more
Spotlight on the ECB
Currency Clips
We expected some market volatility with the ECB meeting in December. There were signifi cant expectations concerning how far President Mario Draghi will expand the QE programme. The infl ation target of 2% has been said to be the primary objective of the central bank and Draghi mentioned that he will do whatever it takes to boost Eurozone infl ation -and growth - in the near future. ...show more
The rise of the elephant
Recent Events
<strong>India Investor Summit - London Stock Exchange - January 2016<br></strong> In January this year, I was invited to attend the India Investor Summit, which focused on economic developments undertaken by the Indian government since its election in 2014. Whilst, commodities are at the centre of the fall in global markets, not all commodity-pegged countries are sharing the same experience, with India bucking the trend. ...show more
2016 EMEA Trading Conference
Recent Events
<strong>3rd March 2016 - Old Billingsgate, London</strong><br> The EMEA Trading Conference has become Europe’s largest one day trading event. Now in its eighth year, the conference is noted for its high quality speakers, relevant issues under debate and the significant networking opportunities it presents to the region’s trading community....show more
Will the Aussie Dollar head lower in 2016?
Currency Clips
Will the Aussie Dollar head lower in 2016?...show more
The ECB tries everything
Currency Clips
There is definitely something that cannot be hidden, the current European crisis is deeper than expected....show more
The Brazilian real: Every dog has its day
Currency Clips
Sometimes in the world of finance the simple approaches can work out the best. ...show more
Middle East investors head for the Yen
Currency Clips
From the middle of 2015 through the start of this year Middle East investors and traders have moved into the currency markets, in large numbers, to hedge their local equities investments primarily buying the Japanese yen....show more
FX Trading 2.0
e-FX Industry Report
Brad Bailey is a research director with Celent’s Securities and Investments practice...show more
A blockchain-based world: Is the vision too big?
Blockchain and CryptoCurrencies
When it comes to the Blockchain, keep taking the small steps, says William Essex. Then you can change everything...show more
360T Extending the value chain for all their clients
Provider Profile
e-Forex talks with Andrew Cromie, Global Head of Product Management for Institutional Investors, 360T Group, the award-winning multi-bank, multi-asset trading platform for OTC financial instruments....show more
Single Dealer Platforms: The quest to deliver a more impressive digital experience.
FX e-Commerce and Platforms
Multi-channel, multi-asset and multi-dealer: The Single Dealer Platform continues to evolve. To discover more, Frances Faulds talks to two leading FX providers to see how they are adapting their e-commerce offerings to the changing landscape in FX....show more
The Platform Provider Viewpoint
FX e-Commerce and Platforms
John Ashworth, CEO of Caplin Systems talks to Frances Faulds about the evolution, and the changing face of Single Dealer Platforms....show more
Performance analysis – new toolsets for improving the operational oversight of FX trading operations
Trading Operations
New solutions that can deliver more granular analysis of FX trading activities are increasingly in demand from both buyside and sell-side firms. Nicholas Pratt examines some of the critical components of these services....show more
London Capital Group – building success upon a new strategic focus
e-Forex Interview
e-Forex talks with Charles Henri-Sabet, CEO of London Capital Group (LCG)...show more
Australasia – an emerging powerhouse of digital FX innovation
Regional eFX Perspective
Richard Willsher reports on how a strong regulatory environment coupled with increasing demand for new, more efficient trading technologies, particularly from buyside firms is driving the development of e-FX across Australasia....show more
Saxo Markets
Meet the team
e-Forex speaks with Peter Plester, Head of FX Prime Brokerage at Saxo Markets, the Institutional Division of Saxo Bank Group....show more
Latency and FX – Why it still matters
Expert Opinion
In every industry, there is always a milestone moment when network latency decreases in importance and is replaced by other IT purchasing considerations – for example, network reliability, overall cost, risk management or security. ...show more
Financial Cloud Services – utilising scalable solutions for FX trading applications
Special Report
Dan Barnes investigates why Cloud computing is challenging the status quo in FX and how a diverse range of ecosystems are now available to cater for banks, FX brokers, asset managers and high performance trading firms. ...show more
Global growth at CFH Clearing: With clear benefits for banks & brokers worldwide
Sponsored Statement
With recent record sales, new team members and new office locations, CFH Clearing continues to experience significant growth. According to Global Head of Sales, Paul Jackson, “Business is strong because we have a compelling offering – in terms of technology and liquidity – for clients across the globe. Organisations who have found it difficult to secure a Prime Broker are seeing the benefits of working with us to access institutional liquidity and this has contributed to major growth for CFH Clearing and CFH Systems over the last year.”...show more
Seizing the opportunities of new disruptive technologies in FX
Technology
Dan Barnes explores the nature of some of the so called “disruptive technologies” and where competitive advantages may lie for FX firms who are first to seize the opportunities that these can deliver....show more
Liquidity, platforms and technology – greasing the wheels for more efficient CFD trading
FX Brokerage Operations
Increasing numbers of institutional firms and FX brokers are looking to trade and expand their product range with contracts for difference (CFDs), as they are now a mainstream product with genuine appeal. Yet, as Heather McLean discovers, CFDs pose interesting challenges that need to be addressed....show more
Gold-i Matrix 2.0 Make more money and reduce risk
Product Launch
Gold-i’s CEO, Tom Higgins describes Matrix 2.0 as the most significant Gold-i product since the inception of the company. With an investment of almost £1million to bring Gold-i’s new liquidity management tool to market, Tom explains why Matrix 2.0 is such a game changer for the world leader in trading systems integration and how it will help brokers and banks worldwide to make more money and reduce risk....show more
DDoS attacks in FX – taking steps to protect your bandwidth and IT resources
Security
Last year’s wave of DDoS attacks on financial institutions that targeted forex brokers and banks in particular, renewed worries over cyber security and whence the next attack will come. These attacks were particularly worrisome for the foreign exchange industry. As of last year, everyone has been on guard — especially trading infrastructure companies, software platform providers, forex brokers and traders who count on reliability and security to conduct their business....show more
A never ending pursuit for Best Execution
Voice from the buyside
Russell Investments is one of the oldest and most well-known buy-side firms in the world. Established in 1936, the firm has some $266 billion in assets under management. That creates massive currency trading needs. e-Forex speaks with the man in charge of handling those needs in the EMEA region, Klaus Paesler. He’s ready to use any method at his disposal to provide bespoke services for clients, whether that involves voice, netting and matching or algo-based trading....show more
AFME’s 11th Annual European Fixed Income and FX Market Liquidity Conference
Recent Events
<strong>Thursday 25 February 2016 St. Paul’s, London</strong><br> In a hospital pass during the panel about China I was asked what I thought about BREXIT? (At time of writing the decision had not come through) I said that as a New Zealander I was perhaps not qualified to answer that question on behalf of the British people but seeing as Immigration had, at the time become one of the main issues then perhaps I was fully qualified to answer that question....show more
India’s Economy – The road ahead
Recent Events
<strong>Advisory Council for India - City of London – May 2016</strong><br> In the midst of Brexit, the City of London Advisory Council and the High Commission of India invited me to a panel discussion providing an update on the economic reforms taking place in India. Since the start of 2016 Prime Minister Narendra Modi has promoted the phrase ‘reform to transform India’, further committing to his government’s plans for rapid economic growth....show more
Vulnerability of Asian currencies in the next half
Currency Clips
For the second half of 2016, Asian currencies continue to be vulnerable owing to weakness in economies and uncertainty on US rate hikes prospect. We look at some of the issues on 4 of the biggest economies in Asia. ...show more
A roller coaster ride with the Aussie Dollar
Currency Clips
The Aussie Dollar has had a roller coaster start and after a massive selloff, we have reached a low after touching the 0.685 mark. Investors are facing the question as to whether this is a line in the sand or not but the only way to answer this is to look at the policy stance by the Royal Bank of Australia....show more
The CHF set to strengthen on Brexit fears
Currency Clips
Unlike many other financial market events, the EU referendum not only has potentially extreme consequences but is also purely binary. Opinion polls are showing a dead heat between the “leave” and “stay” votes, with numbers well within the margin of error. This could mean the UK is in the EU on June 23 and planning an exit strategy on June 24. For financial markets, Brexit would have significantly greater consequences than a “remain” vote, so that is what we are focusing on – not because we like chaos but because that is where the greatest risk lies....show more
More to come from the Yen
Currency Clips
As the Brexit referendum looms, the focus is on GBP pairs both before and after the vote results. Here in the Middle East, investors will be the first to trade the currency market immediately after the referendum purely due to the time difference. At the moment Middle East investors overwhelmingly believe that the UK will remain in the EU. As a result, these same investors will likely turn to GBPJPY due to its fast movements, and this is good for ‘hit and run’ traders. Despite the notable rise across the board that began in December of last year and has continued until today, it appears that there is still more to come from the yen in the next few weeks. USDJPY has lost more than 14.5% since mid-December of last year, despite the introduction of negative rates by the Bank of Japan and the Government delaying a sales tax increase until 2019. ...show more
Gravity and the Brazilian real
Currency Clips
The performance of emerging market currencies can often be split between domestic factors and overall sentiment towards EM in general. One of the major forces driving overall sentiment over recent years has been expectations of higher interest rates from the US Federal Reserve. There are two primary reasons for this. The first is the fear of and/or actual reversal of flows that were driven by the Fed’s easy monetary policy of recent years. Second is the pressure from EM dollar denominated debt, increasing the funding pressure on EM governments and corporates. But it’s not been the be all and end all of the past 3 years, which have seen EM FX as an asset class lose around one-third of its value....show more
The evolving Blockchain and what it might mean for FX
Blockchain and CryptoCurrencies
There’s more to distributed ledgers than just distribution and book-keeping, as William Essex discovers....show more
FX Clearing House: How Blockchain could triple Spot-FX liquidity
Blockchain and CryptoCurrencies
The creation of a digital distributed ledger Clearing House promises to increase participation in Spot FX markets, breaking a choke on the current access to liquidity. When non-bank electronic market makers entered the FX space they found a set of rules and agreements from the 20th century. The sell-side dominance of liquidity provision, based on the size of their balance sheets, gives them an untenable grip on who can trade with who. Now Baxter-FX has designed a model that will allow all-to-all trading in Spot-FX, by creating central clearing with a distributed ledger called “FXCH” (FX Clearing House). e-Forex talks to Franck Mikulecz, Managing Director of the firm to learn more about it....show more
Regulatory compliance in FX - transforming a burden into a value-added function
Regulations & Compliance
James Phillips, Lombard Risk Global Head of Regulatory Strategy, reviews the impact of changing regulation in FX trading....show more
MFX Compass: Levelling the e-FX playing field
Provider Profile
In an increasingly volatile market, it has never been more important for FX market makers to have a robust, agile and profitable e-FX risk management offering....show more
Principles, Actions, Results: Achieving a more robust process of Best Execution in FX
Order Management
While the concept of best execution was born in the equities market, regulators are now setting their sights on bringing the FX market up to similar levels on competence, despite the greater fragmentation of trading venues that exists in the FX market. Frances Faulds reports....show more
MFX Vector: Empowering the buy-side with state of the art technology
Platform Profile
Investors today are confronted by a bewildering array of execution tools. While all undoubtedly have their place, the challenge lies in knowing what to use and when.Equally important is the justification of those execution decisions after the fact; to internal stakeholders, regulators and clients....show more
A company working to transform the future of FX trading
Provider Profile
e-Forex talks with Peter Jörgne CEO and Henrik Dubajic, Global Head of Sales at Aphelion, the award winning technology company whose team of software architects and partners have been working in the e-FX market since 1996....show more
Best Execution in FX - do Algos have a role to play?
Algorithmic FX Trading
The use of execution algorithms in the currency markets has increased significantly over recent years and it would appear that this trend is set to continue for the foreseeable future. In this article Pete Eggleston, Co-Founder of BestX Ltd explores the potential benefits and pitfalls of using algorithms within an execution process....show more
GTX: The Electronic-Voice Hybrid that delivers a full service offering
e-Forex Interview
e-Forex talks with Vincent Sangiovanni, CEO of GTX, the institutional arm of GAIN Capital Holdings, Inc....show more
The Middle East - scope for growth in electronic FX
Regional eFX Perspective
There is still plenty of scope for growth in e-FX trading across The Middle East region and Richard Willsher reports on how leading providers are meeting the need for the benefits it brings....show more
National Bank of Abu Dhabi - gearing up to be a market leader in electronic distribution across the MENA region
Regional Provider Profile
e-Forex speaks with David Wilkins, Head of Global Markets e-commerce at National Bank of Abu Dhabi (NBAD). ...show more
Sharpening the tools of the trade: New developments with FX Strategy back testing platforms
Trading Operations
Back testing foreign exchange trading strategies has always been more difficult than it has been for equities, futures and options not only because of the difficulty in obtaining appropriate historical market data from the FX market but because of the sheer scale of the amount of data that needs to be processed. Nicholas Hastings investigates....show more
How to transform your business into a fully automated trading company
Expert Opinion
The traditional approach to quantitative trading involves using tools like Excel, MatLab and Bloomberg to perform development and back-testing, while using proprietary software code for live trading of strategies. But this model is highly inefficient and difficult to maintain – for example, when making changes to trading logic....show more
CMC Markets
Meet the team
e-Forex speaks with Richard Elston, Head of Institutional at UK-based CMC Markets (CMC), one of the leading international providers of CFD and FX trading....show more
IPC’s new FX Hub benefits customers
Product Launch
IPC recently launched its FX Hub, a low latency, co-located performance solution engineered to address the industry’s most complex trading challenges....show more
ADS Securities LLC launches Prime-of-Prime offering
Product Launch
Tighter regulation, reduced risk appetite and the decline in the number of Prime Brokers (PBs) are affecting growth in the global FX market, according to ADS Securities. An estimated 25 per cent drop in available FX trading lines is leading to wider spreads, higher prices and increased foreign currency exposure for many participants. ...show more
Are spreads the key criteria when selecting a Liquidity Provider?
FX Mythbusters
According to Paul Groves, Sales Director at CFH Clearing, retail brokers can often be unaware as to how best to select a Liquidity Provider. They focus on spreads as their key driver without always considering other priorities such as depth of market, quantity available at the Top of Book (TOB), commission, service levels, speed of execution, order handling and rejections. In our Mythbusters feature about liquidity, he identifies the top misconceptions he believes are most commonly experienced by brokers worldwide....show more
Strategies’ backtesting is what differentiates amateurs from professional traders
Sponsored Statement
Each trader requires three crucial factors in order to succeed on the Forex market....show more
FX Prime Brokerage - an industry transforming itself
Special Report
The FX prime brokerage industry has transformed in recent years with new prime of primes (PoPs) emerging to fill the gap created by the retreat of tier one prime brokers’. Nicholas Pratt reports on the latest developments....show more
Resilience, Redundancy, Flexibility and Capacity: Can the Managed Service model meet the future needs of FX?
Networks, Hosting and Connectivity
Dan Barnes explores some of the operational and cost benefits of the Managed Service model for both sell-side and buy-side FX trading firms and how it can specifically help them with their trade lifecycle operations....show more
MT5 on the rise
Ask Tom
Tom Higgins, CEO, Gold-i has created a multi award-winning technology company renowned amongst retail brokers worldwide for its MT4 expertise. With a wide portfolio of innovative software products which help brokers using MetaTrader to more make more money, cut costs and reduce risk, Gold-i has helped over 150 brokers across the globe to enhance their operations and differentiate from competitors. In the next in our series of Ask Tom articles, Tom gives his views on the anticipated surge in MT5 and highlights the latest technology which will result in significant uptake of MT5 amongst retail brokers across the globe....show more
Broker In A Box: Hype or a faster way to bring your business to market?
FX Brokerage Operations
Is a Broker In A Box solution the ideal way to establish and grow a successful FX and CFD brokerage? Simon Blackledge, Director, itexsys, guides us through the opportunities and obstacles created by opting for a ‘one stop shop’ set up....show more
The art of being in the Vanguard
Voice from the buyside
Asset management companies don’t get much bigger than Vanguard. The group, which recently turned 40, offers more than 345 funds around the world, with approximately $3.5 trillion in assets under management as of end of March 2016. That kind of size involves dealing with massive foreign exchange exposures, a task so big that Vanguard created a global team to handle FX trading. The head of those operations is Andrew Maack, who spent some time with our reporter Adam Cox to talk about how algorithmic trading helps him do his job and how such a large fund group like Vanguard goes about generating the smallest footprint possible....show more
What’s driving growth in trading of Asian currencies?
Currency Clips
The recent past has shown a growing interest among currency traders to trade in Asian currencies, with the currency contracts listed on exchanges in Dubai and Singapore witnessing a growth or 30% or more in the year 2015. ...show more
The Aussie Dollar - where to go from here?
Currency Clips
A weaker currency is mostly considered as the key by most central banks if they want to stimulate growth. Monetary policy is the common approach that they use to devalue the currency. The currency warmed to a level of 0.6859 at the start of this year when the Fed were immensely bullish with respect to their interest rate hike. Nevertheless, it then regained its losses by touching the high of 0.7810 in late April for this year which was nearly over 14.75%; a signifi cant move when it comes to currency trading. Since then, we have given up some of these gains, but it is still up nearly 11.07% since the start of this year....show more
German economy suffers and ECB is still on the dovish side
Currency Clips
Over the past weeks, German data has provided quite a disappointment after July factory orders came in below expectations at 0.2% m/m vs. 0.5% m/m. In addition, July industrial production was also very weak. Consensus bet on a quasi-fl at print at 0.1% m/m but the fi gure was released in negative territory at -1.5% m/m. Germany’s economic data is very troubling, especially when we consider that the country is the main driver of the Eurozone....show more
Pound weakness can unwind in Q4
Currency Clips
The British pound was the worst performer since the beginning of this year compared to G10 currencies. This drop intensifi ed after the U.K electorate voted in favour of a referendum to leave the EU. Meanwhile, Sterling fell by more than 13% against the U.S Dollar before finding a temporary low around 1.2798 level....show more
The Brazilian real stands out
Currency Clips
In theory at least, the carry trade should not exist. But theory and practise often diverge and even more so in the FX markets. Carry is what you make from the interest rate differential between two currencies. Currencies are money and money bears interest, so if you borrow (go short) in a lowyielding currency and invest (go long) in a high yielding currency, you will receive positive carry (or interest)....show more
The Blockchain Ecosystem - Who can you trust?
Blockchain and CryptoCurrencies
Cryptocurrencies are back in fashion with blockchain designers. But future prosperity really depends on bankers getting past their trust issues, says William Essex....show more
The Bitcoin Rock
Blockchain and CryptoCurrencies
Newly listed on the Gibraltar Stock Exchange (GSX) is BitcoinETI, an asset-backed Exchange Traded Instrument that is “invested exclusively in Bitcoin, making it the first European regulated product for the leading digital currency,” as the paperwork puts it. Nick Cowan, Managing Director of the Gibraltar Stock Exchange (GSX), and Paul Astengo, Senior Executive at The Gibraltar Finance Centre, spoke to William Essex about Bitcoin, Europe and Gibraltar’s role as an “innovative financial jurisdiction”....show more
The question of MiFID II post Brexit - A UK perspective
Regulations & Compliance
James Phillips, Lombard Risk Global Head of Regulatory Strategy discusses the impact of Brexit on the application of MiFID reforms to UK based trading fi rms....show more
A new market model - FX Futures and Clearing to be unavoidable in 2017
Expert Opinion
We are now nearly seven years into the three-year market reformation project kicked off by the G20 in Pittsburgh 2009, but we are still some way from our end-state....show more
Liquidity provision and the changing face of currency relationships
Liquidity Management
As banks withdraw from market-making, a growing number of non-banks are stepping in to fi ll the void as Nicholas Pratt discovers....show more
The future of Electronic FX Options trading: Putting the building blocks in place
FX e-Commerce and Platforms
John Crisp, Director of Product Strategy at FENICS explores how the electronic trading of FX options has evolved and what factors are likely to encourage greater usage of automation for these relatively complex instruments....show more
smartTrade Technologies - A pioneer in the creation of disruptive cross - asset class electronic trading technologies
Technology Provider Profile
e-Forex talks with David Vincent, co-founder and Chief Executive Officer of smartTrade Technologies....show more
Acting on a micro level: How FX algorithms are meeting the need for increasing control over FX order execution
Algorithmic FX Trading
FX algo take-up is going strong as adopters get comfortable taking on market risk, resulting in a shake-up of the traditional order. Anna Reitman reports....show more
oneZero - The award-winning software provider that is helping to bridge the FX technology gap
e-Forex Interview
e-Forex talks with Andrew Ralich, co-founder and CEO of oneZero Financial Systems (oneZero), a leading developer of institutional software solutions for the foreign exchange, commodities, and futures markets....show more
Regional e-FX perspective on sub-Saharan Africa
Regional eFX Perspective
Although dazzled by its own diversity, hampered by economics, politics, poverty and lack of infrastructure, sub-Saharan Africa is a continent full of e-FX possibilities as Richard Willsher discovers....show more
Retail FX in Africa
Regional eFX Perspective
Retail customers tend have two reasons to engage with foreign exchange. One is through remittances. The other is through speculative trading....show more
ForexTime (FXTM) - the global broker with a local touch
Regional Provider Profile
e-Forex talks with Hussein Sayed, Chief Market Strategist for the Gulf and Middle East, at FXTM....show more
Currency trading on exchanges - the value proposition strengthens
FX on Exchanges
With reports that the global FX market is slowly shrinking, Frances Faulds looks at how currency trading on the world’s exchanges is faring up and looking to grow....show more
360T echoes shift to exchanges
FX on Exchanges
360 Trading Networks, acquired by Deutsche Börse Group last year, has been working closely for some months with Eurex Exchange to improve and expand its listed FX derivatives products....show more
Broadway Technology - a FinTech company with innovation running through its DNA
Meet the team
e-Forex speaks with Tyler Moeller and Joshua Walsky, Co-founders of Broadway Technology....show more
Coping with Brexit - How electronic platforms held up during the world’s messiest divorce
Special Report
Nicholas Hastings investigates how platforms and trading venues coped with volumes and market volatility during the recent UK referendum event....show more
Intelligent Services via Intelligent Networks - Moving FX trading, collaboration and communication to a higher level
Networks, Hosting and Connectivity
Dan Barnes explores why getting a network provider who can offer intelligent services may create better opportunities, fewer risks and more efficient trading....show more
CFH: A responsible approach to Risk Management
Sponsored Statement
Paul Jackson, Global Head of Sales, CFH Clearing answers our questions about recent changes in brokers’ attitudes, particularly towards risk management. He explains how CFH has responded to market changes in order to provide institutional clients worldwide with an unparalleled end-to-end trading solution and award winning liquidity....show more
The Coronation of MetaTrader 5: Will it be crowned the FX Platform of choice?
FX Brokerage Operations
MetaQuotes fifth generation trading platform, MetaTrader 5 (MT5), launched in 2011. Despite muted initial adoption, the platform is finally catching the interest of the forex market and interest is growing at a rapid pace. Nicola Tavendale investigate...show more
Why are Business Intelligence tools so key for brokers?
Ask Tom
Tom Higgins, CEO, Gold-i has created a multi award-winning Fintech company, renowned amongst retail brokers worldwide for its market-leading software which helps brokers using MetaTrader to make more money, cut costs, reduce risk and differentiate from competitors. In the next in our series of Ask Tom articles, Tom answers questions about business intelligence tools. With only 20% of MT4 brokers currently using such tools, he believes the majority of brokers are missing a trick on simple ways to make more money. ...show more
More tailored and personalised - FX White Labelling completes a startling metamorphosis
FX Brokerage Operations
White labelled electronic foreign exchange products used to be all about speed to market. One simply had to pick a box, plug it in, and start trading. Now however, there has been something of a revolution in the white labelling market and as Heather McLean reports, it is no longer focused on a one size fits all approach, but on personalisation, customisation, and flexibility....show more
Triple A Rated - Adoption, Adherence, Advantages – assessing the practical implications of the FX Global Code
Viewpoint
With David Puth, Chief Executive Officer, CLS and Tod Van Name, Global Head of Foreign Exchange (FXGO) and Commodities (CMET) electronic trading at Bloomberg LP....show more
SIBOS
Recent Events
Latest developments in the FX Markets: The impact of current regulation and insights into future market evolution. 26th-29th September 2016...show more
Mondo Visone’s Exchange Forum
Recent Events
Recently R5FX took part in a great panel entitled “The Changing FX Marketplace” at Mondo Visone’s Exchange Forum in London. The main question asked was whether the FX market would move from being mainly OTC to being traded on exchange. This is in light of increased global regulation, calls for better transparency and the increasing cost of credit. London, 10th November 2016...show more
The London Summit
Recent Events
Organized as usual by the Finance Magnates team, the London Summit took place from 14th November to the 15th November 2016 at the Brewery in London, United Kingdom. ...show more
Italy says no, ECB still on the dovish side
Currency Clips
It was clear that against a backdrop of global crisis, Italy would defy its government and not allow it the chance to apply European austerity policies. Matteo Renzi has made a wise decision by announcing his dismissal as he does not represent what Italians want. ...show more
Where next for Sterling?
Currency Clips
It has been a torrid few months for the pound, with the outcome of the Brexit referendum providing the fi rst of a series of notable legs down for the pair. Cable for example may be trading a few cents above those 31 year lows of 1.20 which were touched in the wake of the “flash crash” at the start of October, but does sterling deserve to be looking so depressed as 2016 comes to a close?...show more
Testing China
Currency Clips
Beyond US shores, nowhere has Trump’s election as the next US President been more acutely felt as it has in Asia and on Asian currencies in particular. ...show more
Growth Prospects Improving for Aussie in 2017
Currency Clips
It is the optimism about the growth in year 2017, which has shrugged off the losses for the Aussie after its brutal GDP number. If you look at the county’s GDP, it has not contracted since March 2011. Thus, there was no surprise that we have seen such a reaction by traders when the GDP number was released. ...show more
5,000 foot view of Multi-Asset EMS FX functionalities
e-FX Industry Report
The global foreign exchange (FX) industry has gone through quite a transformation over the last 40 years, both from a market infrastructure/market dynamics perspective and as a result of rapid technological advancement in communication mediums and trading venues....show more
FX clearing: the last hurdle?
Market Commentary
Two CCPs race to offer an FX options clearing solution first and as Frances Faulds reports, CLS may offer a settlement service to other CCPs....show more
Keeping up with the blockchain
Blockchain and CryptoCurrencies
Everybody’s talking about it and you should be listening, says William Essex...show more
The slow algo movement
Blockchain and CryptoCurrencies
Happy third birthday to NXT, the relatively enduring “decentralised financial platform” (the word “blockchain” fits in there somewhere), which cut the cake in November 2016. Nxt was “coded entirely from scratch”, and has handled around 2.3 million transactions to date. Nxt’s Dave Pearce spoke to William Essex about Nxt and the future of FX....show more
Compliant FX trading requires automated regulatory technology
Reg Tech
Global markets for FX derivative trading have developed under lightly regulated conditions. In the wake of the 2009 G20 Pittsburgh consensus on derivatives regulation, FX markets have become subject to significant regulatory oversight in areas such as price transparency, order execution, transaction reporting, central clearing and collateral management. ...show more
Portware - A company of supreme problem solvers that focuses on enhancing the client experience
Provider Profile
e-Forex talks with Alfred Eskandar, Chief Executive Officer, Portware, a FactSet Company, the award winning provider of solutions that transform the way financial institutions analyze, communicate, and execute investment ideas....show more
Taking a more systematic approach to FX algo selection
Algorithmic FX Trading
As firms increasingly access electronic execution for FX, the right decisions for deploying and selecting algorithms are, as Anna Reitman discovers, a combination of getting knowledgeable about market technologies and tapping into the lessons of traditional wisdom. ...show more
The importance of maintaining a time-series database of quotes, orders and trade executions
Expert Opinion
There has been significant growth in the use of algos for executing forex orders. There has also been a proliferation of execution venues (banks, ECNs, non-bank trading). As such, forex traders face a bewildering set of choices of where and how to execute. Given the dynamic nature of the forex market, any choices need to be constantly re-evaluated and changed objectively. ...show more
Alpha - the boutique broker with a focus on partnerships
e-Forex Interview
e-Forex talks with Muhammad Rasoul, CEO of Alpha which specializes in providing customized execution, risk management, and liquidity to financial institutions operating in the retail OTC market. The company also provides bespoke execution services to professional clients. ...show more
Asian FX e-trading: beyond the tipping point
Regional eFX Perspective
As foreign exchange trading volumes swing further towards Asia, eFX takes centre stage, writes Richard Willsher...show more
RMB now sixth most used currency for global payments
Regional eFX Perspective
According to recent SWIFT data, the RMB was now in the top six of world payment currencies by value with a share of 1.67%....show more
Mobile trading and banking apps - leveraging the power of compelling new FX e-distribution channels
Technology
Heather McLean explores how mobile communication technologies can assist FX market participants ranging from banks to retail FX brokers to differentiate their offerings and achieve competitive advantages....show more
The art of app creation
Technology
SwipeStox was founded by what it describes as, “passionate entrepreneurs and finance geeks”. The business is focused on creating the most transparent social trading community platform worldwide, using collective wisdom by joining together communities of traders who swap tips, influence each other, copy trades and interact socially. The SwipeStox trading app runs on all devices. Users can trade on their laptop, from a terminal, or a mobile phone while on the go. Here, founder and CEO at SwipeStox, Benjamin Bilski, talks with e-Forex about the app....show more
APIs – the key to unlocking the real power of electronic FX
Technology
APIs, or application program interfaces, were not made for the foreign exchange market but it seems as if they should have been, reports Nicholas Hastings....show more
2017 - A big year for Stater Global Markets
Sponsored Statement
Ramy Soliman, CEO, Stater Global Markets has ambitious plans for the FCA regulated Prime of Prime brokerage in 2017. He explains to e-Forex how he is building on his experience in senior roles at Citi, IG and Integral to create a growing global business. ...show more
ThinkMarkets - A company built around service, integrity and trust
Meet the team
e-Forex speaks with senior executives at ThinkMarkets the award winning global brokerage headquartered in the UK and Australia....show more
Granularity, analytics, speed and delivery - competition heats up across the FX data space
Special Report
The rapid growth in electronic trading venues for FX, technology advancements and greater regulatory demands and scrutiny are greatly impacting how FX firms source, manage and use market data. Frances Faulds investigates....show more
Meeting regulations & compliance - the growing burden of Trade Reporting
Special Report
Trade reporting obligations for all derivatives products began six years ago in the US, under Dodd-Frank, and four years ago in the EU, when all entities active in the EU derivatives market, whether using derivatives for trading, hedging or investment purposes, were impacted by EMIR. ...show more
Data Management and the Cloud
Special Report
Storing and managing large amounts of market data from data centres has become very reliant on the cloud to enable low latency and streaming on-demand delivery for flexible computing power with a low footprint. ...show more
Big Data: Mining new data for FX
Special Report
Big data brings with it many opportunities for FX firms to personalise their FX services and enhance trade flows by tailoring pricing based upon customers’ historical trading behaviour as well as fine-tune algorithms, gain better intelligence and MIS to make better decisions and maximise pricing and trading. It is also unearthing new data sets for both trading and performance analysis....show more
Charterprime - Striving to provide an exceptional trading experience
Broker Profile
Charterprime represents one of the fastest growing, best resourced names you have perhaps never heard of in the Forex scene. With sales and operations offices spread out over the globe, including in Australia, New Zealand, China, Malaysia and Los Angeles, the STP-only player has significant financial backing as well as strong corporate relationships – they have just signed a strategic partnership with the Tune Group, which counts AirAsia, the successful Asian budget airline amongst its many subsidiaries....show more
Cost, availability, performance, security - stacking up the benefits of Managed Network and Hosting services in FX
Networks, Hosting and Connectivity
Dan Barnes sets out to discover more about how players across the FX trading spectrum can benefit from Managed Network and Managed Hosting services....show more
CFH positions itself to become number one B2B provider in the retail FX industry
Sponsored Statement
Having entered into an agreement to sell its business to Playtech for up-to 120m USD, CFH is being transformed into one of the biggest B2B organisations in the retail FX industry in terms of capital and balance sheet. Christian Frahm, Founder and CEO of CFH Group talks to e-Forex about the advantages of the acquisition for its institutional clients worldwide and CFH’s future plans....show more
Prime of Primes - Bridging the gap between the retail and institutional FX markets
FX Brokerage Operations
As Prime of Primes continue to fill the gap left by prime brokers withdrawal from parts of the FX market, Nicholas Pratt examines whether the PoP model can endure in the long-term and truly act as the bridge between the retail and institutional FX markets....show more
Gold-i launches MetaTrader 5 product portfolio
Sponsored Statement
2017 is the year that MetaTrader 5 will take off, according to Tom Higgins, CEO, Gold-i. As interest in the platform grows from brokers worldwide, Gold-i has made a significant investment in adapting its award-winning MT4 products for MT5. The Gold-i MT5 Gateway and MAM Pro for MT5 are already available, with other Gold-i products for MT5 such as a Coverage Plug-in, Risk DB and Visual Edge – Gold-i’s powerful risk management and business intelligence software – currently in development....show more
Mitigating threats – new tools and strategies for managing risk in retail FX brokerage
FX Brokerage Operations
Once viewed as only an institutional concern, the rising prominence of risk management in retail FX highlights the seismic changes taking place in the market as a whole. But how can brokers and technology providers tailor their solutions to the specific needs and unique demands of this sector? Nicola Tavendale writes. ...show more
International Beach Volley Ball wins
Recent Events
Ipanema is certainly the best place in the world to play Beach Volley Ball. That can’t be argued – but are Brazilians missing out by only really playing with each other?...show more
Pound’s outlook ahead of triggering the EU exit clause
Currency Clips
It has been a rough month for the Pound as the UK currency has been feeling the pressure from the implications of the Brexit decision; the prospects of a British economy outside the EU and the uncertainty surrounding the robustness of the domestic market in the years to come. ...show more
Outlook for the dollar: monetary policy vs trade policy
Currency Clips
So far this year, the monetary policy divergence theme has pushed the dollar higher, but can this theme continue? A lot depends on what if anything the Trump administration does about trade. ...show more
Japanese Yen Outlook Versus US Dollar
Currency Clips
Japan’s economy is seeing faster growth. Japanese Q4 GDP growth in 2016 was revised up to 1.2%, showing four straight quarters of growth, indicating the Japanese economy expanding at a faster pace. Improved export conditions, corporate profi ts and capex (which benefi ts from the weakening of the yen post the US presidential election) is the major factor that has contributed to economic growth. ...show more
The Euro - walking a tightrope
Currency Clips
No fi rework, no noise as expected from the ECB. The press conference was colourless as well however Draghi was a little less dovish. The initial move for the Euro was towards the downside as the decision gives a signal that Draghi is still dovish. The ECB still sees the QE running for its course. ...show more
Smart but not fast - how technology is democratizing FX
Market Commentary
As the activities of high frequency trading firms fall under increasing regulatory scrutiny on both sides of the Atlantic, the preeminent importance of having the fastest trading kit is arguably receding among FX market participants reports Joe Morgan. ...show more
Back to Bitcoin?
Blockchain and CryptoCurrencies
Blockchain builders and regulators need to face their greatest fear, suggests William Essex....show more
Bitcoin - take it seriously
Blockchain and CryptoCurrencies
Jersey-based Global Advisors offer the listed Global Advisors Bitcoin Investment Fund (GABI) and their Bitcoin Tracker One ETN, which you’ll find on Nasdaq. Take one look at GABI’s performance since inception in 2014, and you’ll want to know more. William Essex spoke to JeanMarie Mognetti, co-principal, head of trading & operations, Global Advisors....show more
Scaring the regulators?
Blockchain and CryptoCurrencies
Is regulatory wariness really an obstacle to blockchain adoption? William Essex spoke to lawyer Arnaud Touati, associate member of the Paris Bar’s legalinnovation incubator....show more
An introduction to OTC Exchange Network
Provider Profile
OTC Exchange Network was established by electronic trading and e-FX technology expert Rosario M. Ingargiola, previously CEO of FXone, where he led the design and development of one of the most comprehensive institutional FX exchange technology stacks in the market, used by global Tier-1 clients. e-Forex talked to him about his latest venture....show more
Transaction Cost Analysis: Taking a new approach to measuring FX execution trading operations
Trading Operations
As FX market participants deal with the evolving market structure and prepare for the implementation of MiFID II, there is growing demand for more sophisticated trade analytics to improve decision-making in real-time. Joel Clark investigates....show more
Leaving it to the specialists: Overcoming liquidity constraints in FX
Liquidity Management
Access to liquidity has always been a primary concern for FX traders – from ensuring there are the necessary credit lines to the technology needed to locate and access the various venues. In recent years the dynamics behind liquidity provision have changed markedly and as Nicholas Pratt discovers, the competition has become more diverse....show more
IS Prime: Delivering a premier service to retail brokers
Sponsored Statement
IS Prime has experienced rapid growth since launching as an institutional Prime of Prime brokerage just over two years ago. The firm’s investment in its people and technology has resulted in an impressive global client base and a compelling offering for the market. e-Forex talks to IS Prime’s Managing Partner, Jonathan Brewer to find out more...show more
Harnessing the full power of algorithmic FX trading strategies
Algorithmic FX Trading
Anna Reitman looks at why trading firms and investors should look to deploy FX algorithms as a means to make their FX execution more efficient....show more
FXSpotStream: The zero-cost to taker utility operator
e-Forex Interview
FXSpotStream a subsidiary of LiquidityMatch, is the bank owned consortium operating as a market utility which was formed in 2011. e-Forex talks to their Co-founder & CEO Alan F. Schwarz, about the company’s continued rapid growth and product roadmap....show more
Regional e-FX perspective on Canada
Regional eFX Perspective
Richard Willsher reports that although Canada is set to see increased adoption of electronic FX channels, voice trading continues to account for a surprisingly large proportion of turnover in the regional FX market....show more
FX on Exchanges - product offerings build momentum
FX on Exchanges
With the uncleared margining rules coming into force, the global derivatives exchanges are stepping up to the mark with new FX derivatives products to entice the FX market. Frances Faulds looks at what’s in store from more customisable products to new currency derivatives....show more
Exchange penetration of FX Swaps Markets for 2017
Market Commentary
Exchanges are currently annually trading about $800b per year of ‘listed FX swaps’ compared to $2.3Trn which trade every day in the OTC FX Swaps markets. So this is a market the exchanges should attack. But why aren’t they penetrating as they probably should? And more importantly how will they accomplish this?...show more
The Future of FX
Expert Opinion
Will the FX market move on-exchange? A question often asked to panels at FX conferences, seemingly with the expectation of a binary answer. It’s a strange one though, as either a yes or no answer would have to ignore all of the individual drivers for the FX activity in question as well as the types of participants involved....show more
Solid FX - Building bridges between IT and the trading world
Provider Profile
Solid FX is a privately held IT development & consultancy firm, specialised in automated FX trading solutions and custom software development for the financial sector. The company was founded in 2010, by two experienced algorithmic traders, José and Diego Baptista, who had extensive knowledge of both the FX market and HFT technologies. e-Forex talks with their CEO José Baptista to learn more about this fast growing company....show more
Effectively addressing the Communications and Connectivity Challenges of Financial Market participants
Expert Opinion
Connectivity is critical for capital market participants – but that’s nothing new. The fi nancial markets industry has been talking about the importance of connectivity for data and voice communications for quite some time. What is new is that fi nancial fi rms worldwide are increasingly being encouraged to address their communications not only to meet upcoming regulations, such as MiFID II, but also to adopt new paradigms, and get closer to clients, so that they can source liquidity more easily. ...show more
Detect, Test, Screen and Audit: Models of defence for better Cybersecurity in FX
Special Report
Nicholas Hastings explores why the FX market with its massive daily turnover and multiplicity of traders, providers, platforms, brokers and lines of communications is particularly attractive to cyber attackers and what can be done to protect against them....show more
Top tips on gaining traction in Asia
Sponsored Statement
Since working for CFH Systems in Hong Kong, James Dewdney, Institutional Sales, has gained an insight into the opportunities for businesses in the industry wishing to grow in Asia. Here he shares some thoughts with e-Forex...show more
Gold-i A very smart disrupter helping MetaTrader brokers worldwide
Meet the team
UK-headquartered FinTech company, Gold-i is widely respected throughout the industry for enhancing the capabilities of MetaTrader brokers worldwide. With its growing portfolio of products for MT4 and MT5 brokers and ongoing focus on innovation, the company continues to lead the market as it expands into new territories. <br>In this feature, e-Forex talks to Gold-i’s Founder and CEO, Tom Higgins and members of his team about the company’s recent achievements, global expansion plans and future ambitions....show more
Partners of choice - Exceeding customer expectations in FX White Labelling
FX Brokerage Operations
The rise of new technologies, multiasset class trading and growing sophistication of the markets has led to fundamental changes to the traditional FX white label model. But how has it evolved to meet the needs of today’s markets and what does the future hold for this lucrative sector? Nicola Tavendale writes....show more
Rupee Internationalisation - by way of Brick Lane?
Recent Events
India’s central bank, the RBI, has long been wary of discussing or even admitting the existence of offshore Rupee transactions. Yet this year’s UK India Economic Financial Dialogue (EFD) made a significant breakthrough in that both countries supported the City of London and R5’s plans to create a Rupee Internationalisation Initiative in London....show more
The Pound’s outlook is in shambles after the UK General elections
Currency Clips
The UK General elections on June 8th was the most important risk event for the Pound since the Brexit referendum. Unfortunately for the Sterling, the elections resulted in a hung Parliament as the ruling Conservative party failed to command the majority needed and the Pound dropped almost 3% when Britain woke up to an uncertain political stage in the face of the Brexit negotiations. ...show more
US economy – A view on interest rates and the yield curve
Currency Clips
While interest rates (IR) have continued to climb on major fiscal policy reforms and a rising consumer price index (CPI), U.S Q1 2017 GDP growth rates reached their lowest level since 2014, albeit rising quarter-on-quarter when compared to Q4 2016, signalling that the US economy is slowing down. ...show more
Japanese Yen outlook versus US Dollar
Currency Clips
Safe havens had strengthened across the board as risk events over the past month have lifted markets’ risk off sentiment. Notably; the London terror attack, UK general election, Trump’s Russia leak scandal and the gulf states cutting diplomatic ties with Qatar. JPY has been one of the best performing currencies over the past month....show more
No immediate threats for the Euro
Currency Clips
Most of the risk, when it comes to the EUR/USD pair, is in the rear window. It is safe to say that the Euro currency does not face any mammoth immediate threat. Investors are anticipating a move from the European Central with respect to their monetary policy because of abating risk. However, the bank has used a very balanced approach so far. It is also safe to say that inflation remains the biggest thorn for the ECB and the president of the ECB, Mario Draghi has his eyes riveted on it....show more
The Structure of the Flow FX Market is Stabilising
e-FX Industry Report
Over the past 18 months, GreySpark Partners has observed that the structure of the flow FX market – consisting of spot FX and vanilla OTC swaps, forwards and futures – has continued its incremental evolution....show more
RegTech in FX: Closing the gaps between regulatory intention and interpretation
Reg Tech
The month of September will mark the 9 year anniversary since the 2009 G20 Pittsburgh meeting which established the framework for new derivatives regulation, leading to a fountain of new rules being established across different regulatory jurisdictions for financial institutions to follow. ...show more
Is the blockchain getting real?
Blockchain and CryptoCurrencies
Ask the crowd, says William Essex...show more
Blockchain in conference
Blockchain and CryptoCurrencies
A round up of significant recent and forthcoming blockchain events around the world...show more
The profitable psychology of altcoins
Blockchain and CryptoCurrencies
Maksim Balashevich, founder and CEO of cryptocurrency data-feed provider Santiment, kicked off 2017 by blogging that, “following the recent rise in Bitcoin, we believe the altcoin market is set to experience a similar bull market over the course of the next 6 to 12 months as cryptocurrency investment enters the mainstream consciousness.” So far, so correct. William Essex met Maksim Balashevich to discuss future use cases, crypto-competitive innovators and the wisdom of crowds....show more
Chickens, eggs and streamlined systems
Blockchain and CryptoCurrencies
Brothers Guy and Hugh Halford-Thompson founded BTL Group in 2015. The company has been listed on Canada’s TSX Venture exchange since November 2015 and runs its own proprietary blockchain platform. Interbit “is focused on helping enterprises streamline their existing IT infrastructure and therefore reduce risk and costs” (http://btl.co/interbit/). William Essex went to find out more....show more
OTC Exchange Network: Offering total trade-to-settlement solutions
Spotlight
OTC Exchange Network (OTCXN) leverages its own proprietary blockchain technologies to operate a permissioned, peer-to-peer trading network solving the biggest problems facing all market participants; starting with the OTC Spot FX market. In this article we highlight its range of products and services....show more
Optimising FX liquidity Increasing profitability with less risk
Liquidity Management
The foreign exchange market is more fragmented than ever, and participants need to harness aggregation to access the liquidity they need. Joel Clark reports....show more
WHY WHAT and WHEN? Addressing the key questions about using FX algorithms
e-Forex Roundtable
With Mark Goodman, Global Head of Electronic Execution (FX, Rates, Credit, Futures) at UBS Investment Bank, Scott Wacker, Global Head of e-commerce Sales and Marketing at JP Morgan, David Mechner, CEO, Pragma Securities, Nickolas Congdon, Head of E-Trading Services at Commerzbank and Fergal Walsh, Managing Director, Global Head of FX Algorithmic Execution at Citi....show more
MahiFX - Where personalised partnerships are the key to success
Sponsored Statement
If events in the financial market over the last couple of years have taught us anything, it is that risk management is not something that should be taken lightly. In fact, it has become such a hot topic during recent months that it has been identified as one of the top focuses for businesses to improve in 2017, after numerous firms have fallen into administration. ...show more
Stater Global Markets: Offering institutional access to the FX Market
e-Forex Interview
e-Forex talks with Ramy Soliman, CEO of London-based Prime of Prime Brokerage, Stater Global Markets about his firm’s extraordinary fast growth and future plans....show more
Citi Velocity ups the ante
Platform Profile
Launched almost a decade ago, Citi Velocity has continued to evolve rapidly since its signature v2.0 release in 2012, and has most recently been overhauled to provide a best-of-breed platform, built for and designed by traders in today’s regulatory environment. e-Forex talks to David O’Byrne, Director and FX Global Product Head of Citi Velocity, about the features that will future-proof Citi Velocity and ensure it is not only the fastest and slickest single-dealer platform, but also the safest....show more
Scandi squeeze
Regional eFX Perspective
The Nordic FX markets continue to adapt quickly to new e-trading trends. But local service providers are caught between competition from international banks and demands from their increasingly technology driven customers, writes Richard Willsher....show more
Artificial Intelligence in FX: Harnessing the future now
Special Report
There are a lot of questions and hype right now about the transformational benefits that Artificial Intelligence (AI), Machine Learning (ML) and allied capabilities are about to bring to the capital markets. They probably will, but the truth is that these capabilities have been around for quite a while, and are now becoming more accessible as they become more affordable and people discover how to use them more effectively....show more
IS PRIME - Fast growth and an impressive client base
Sponsored Statement
e-Forex talks to Raj Sitlani and Jonathan Brewer, Managing Partners at IS Prime about how the firm has been building up market share....show more
Breaking through the Great Firewall of China: Delivering new FX trading services and connectivity solutions across Asia
Networks, Hosting and Connectivity
There is an increasing demand for FX services across Asia but providing connectivity and trading services poses several challenges. Nicholas Pratt examines the various strategies employed by service providers to overcome the obstacles....show more
PrimeXM: Catering for the growing market in Asia
e-Forex Interview
PrimeXM is a leading technology provider to the global financial industry. The company was established in 2010 and its key business focus is providing cutting edge aggregation software, ultra-low-latency connectivity, institutional grade hosting solutions and high end MT4/MT5 Bridging and White Labels. e-Forex talks with Cristian Vlasceanu, CEO of PrimeXM about how it is building its business in Asia....show more
Security, Service, Heritage, Innovation. After 40 years IG still sticks to its core principles
Meet the team
IG has been at the forefront of innovation in trading for over 40 years and is now the world’s leading retail CFD provider, handling over 7 million transactions a month for over 152,000 active clients around the world. e-Forex talks with Mark Chesterman, Global Business Development Officer at the firm about its fast growing Institutional Services division....show more
Trading & Technology Clinic
Trading & Technology Clinic
In this the first of a new series of regular articles that we will be publishing in e-Forex, Alex Walker, Executive Vice President and Managing Director of Transaction Network Services’ Financial Services Division, answers some of your questions on various hosting and network connectivity issues....show more
Exploring some of the key benefits of quantamental analysis
Models & Strategies
Alex Krishtop is a trading strategies architect and the founder of Edgesense Solutions, a boutique research and automated trading solutions provider. He can be reached at alex@edgesense.net...show more
Visual Edge: Increasing Profits in Brokerages Worldwide
Sponsored Statement
Visual Edge is one of Gold-i’s most innovative products for dealers and risk managers. It enables them to manage exposure risk, protect against toxic clients and view key trading metrics such as intra-day P&L and volumes. With customised dashboards, it provides high-level summary views as well as detailed drill down to individual symbols and clients. e-Forex talks to Misha Kipnis, VP, Gold-i Visual Edge, to find out more....show more
Social Trading – technology opens up pathways towards smarter investing
Models & Strategies
Social trading now comes in many guises, but they arguably all developed from the same basic premise: facilitating traders with the ability to copy, or hedge against, successful trades or trading strategies. But how has the concept developed, why are there such marked differences in approach between providers and how is this sector likely to further evolve? Nicola Tavendale writes. ...show more
Trading and apps - a potted history
Memory Lane
What a difference a decade makes. Ten years ago, wallet and keys would have been top of the list of essentials when heading out of the house. These days (for most people) mobile phone is now at the top of that list. ...show more
The ECB is in a cat and mouse chase game
Currency Clips
We have less than four months left before the ECB asset purchase program ends, and the president of the ECB, Mario Draghi is still reticent about the future path of the monetary policy. Month after month, the tapering process has been delayed while the recovery in the Eurozone has strengthened. ...show more
Market appetite for U.S. Dollars is likely to experience wild swings
Currency Clips
For most of 2016 U.S. high yield bonds returned plenteous profits to investors and led to reaching the 3rd best performance over a period of 20 years. While these markets were driving debt markets, mainly on an U.S. turn from an industrial recessional period and on low interest rates, the U.S. economy strengthened....show more
Pound’s prospects against the Euro and the Dollar after a strong summer showing
Currency Clips
The British Pound has been rather resilient in its price action during the summer time. At the same time, the performance of the domestic economy has been rather lackluster. Nevertheless, the Pound has been able to largely hold on its own....show more
FX professionals rush to meet MIFID II requirements
Market Commentary
The European regulation will take effect on January 3rd 2018, and FX professionals are under pressure to create or acquire the technology needed to provide an un-paralleled level of detail on where, why and how they executed their trades....show more
The Value of eFX Bank Streams
e-FX Industry Report
Mainstream and industry press have written widely on the gradual withdrawal of banks—the traditional primary liquidity providers—from the spot FX markets over the past few years....show more
Currency derivatives on digital platforms - Electronic Forwards and Options bring new trading opportunities
FX e-Commerce and Platforms
Financial markets have become more electronically traded over the years, and seen non-traditional participants become important liquidity providers as a result. However, currency derivatives have taken a longer road to automation and efficiency. But market participants feel that areas such as FX options and non-deliverable forwards (NDFs) are ripe for further electronification....show more
Wells Fargo - Offering clients unrivalled FX expertise, top class technology, and comprehensive operational support
Provider Profile
e-Forex talks with Steve Godfrey, Managing Director, Head of Foreign Exchange eCommerce, Wells Fargo Securities....show more
Special FX - Expert practitioners discuss the use of execution algorithms
Algorithmic FX Trading
Anna Reitman talks with leading providers to discuss how a new generation of FX algorithms, analytical toolsets and order routing solutions are giving clients more control over the way that their orders are placed, as well as access to more detailed pre- and post-trade analysis than has ever been possible before....show more
Saxo Markets - Talking with an FX pacesetter
e-Forex Interview
Saxo Bank Group was established in 1992 and was one of the first financial institutions to develop an online trading platform that provided ordinary investors with the same tools and market access as professional traders, large institutions and fund managers. The firm is a leader in electronic trading services and its goal has always been to democratize investment and trading by providing access to global financial markets and cutting-edge technologies. e-Forex talks with Neil Browning Executive Director, Global Head of FX Sales at the firm to learn more about its Retail and Institutional offerings and plans for the future....show more
Unbundled Services: Credit and Liquidity - Old Problems, New Solutions
Expert Opinion
One of the things that makes FX a truly unique market is both its scale and the diversity of the market participants that operate within it. Asset managers, corporates, international banks, regional and mid-tier banks, hedge funds and prop trading firms from all around the world have a real need to access the wholesale FX market....show more
FX on Exchanges Raising the bar
FX on Exchanges
As global derivatives exchanges continue to see growth in volumes, Frances Faulds looks at how the exchanges are raising the stakes and responding to the needs of the OTC market....show more
Hybrid IT - The answer to FX volatility
Expert Opinion
To say that the FX market has been more volatile than usual after the Brexit vote last year is probably an understatement. Add to that recent UK and US political uncertainty and a barrage of incoming regulation, and we’ve seen the value of Sterling to the US Dollar and the Euro experience a roller coaster ride – from soaring highs to crashing lows. ...show more
Leveraging a key - strategic asset Extracting more actionable insights from FX data
Special Report
Nicholas Pratt talks to a range of market players and providers to discover what steps both sell side and buyside FX trading firms can take to develop more effective enterprise wide data strategies....show more
FXecosystem strengthens service offerings
Sponsored Statement
e-Forex spoke to James Banister, CEO, FXecosystem a leading provider of institutional and retail FX outsourced connectivity services about business expansion, VPS and network monitoring. ...show more
Blockchain comes to the boil
Blockchain and CryptoCurrencies
William Essex reports about some very interesting times in the blockchain and cryptocurrency space....show more
A currency for keeping score
Blockchain and CryptoCurrencies
Neverdie has just (end-August) completed the ICO for the Teleport Token, a cryptocurrency for use across virtual reality. Users will be able to earn, win or mine Teleport Tokens or purchase them from other players and use the coins to pay for content or travel throughout multiple worlds. The ICO raised the real-world sum of $6 million (in a dual Neverdie/Teleport ICO). William Essex spoke to Jon Jacobs, CEO, Neverdie, about the real-world significance of a virtual cryptocurrency....show more
Mine, all mine
Blockchain and CryptoCurrencies
Dave Carlson , founder and CEO, Giga Watt is a former FX trader and Microsoft engineer. Now, he’s selling tokens that give mining rights to multiple cryptocurrencies at below market price. Interested? William Essex finds out more....show more
Turnkey cryptocurrency liquidity solutions for Retail FX Brokers
FX Brokerage Operations
With Bitcoin, Ethereum and other crypto coins so prevalent in major news publications, more retail FX brokers are inquiring, discussing and shifting their attention to this exciting new asset class. Alexander Nekritin, Managing Director of Nekstream Global, analyzes this phenomenon that is sure to change the landscape of the online trading world....show more
The future of margin crypto trading
Viewpoint
It really is the Wild West at the moment with seemingly hundreds of “crypto exchanges” popping up everywhere, all with the “Nirvana” of offerings, but the difference between these exchanges and traditional exchanges (also known as RIEs, or Recognised Investment Exchanges) is vast....show more
How custom trading platforms boost your sales
Expert Opinion
A popular business model among technology providers is to develop and sell a trading platform as a universal product. It comes with great benefits for both the vendor and the client: cost, time-to-market, well-recognized and time tested solution. The main argument against such universal solutions from the point of view of a broker is clear: no - or too little - differentiation. But there are some implications coming from the product universality that are less obvious....show more
A matter of pedigree - Finding the right CFD Liquidity providers to grow your business
FX Brokerage Operations
Nicholas Pratt sets out to discover what are the key attributes of leading CFD liquidity providers and what are their clients looking for. ...show more
CFH Clearing looks to increase global market share
Sponsored Statement
Matthew Maloney, CFH Clearing’s new CEO talks to e-Forex about his role at the helm of the rapidly growing Prime of Prime brokerage....show more
One Stop Shop PoPs - Investing Wisely in the Power of Next Generation FX Prime of Prime Brokers
FX Brokerage Operations
One of the most dynamic and innovative areas in FX market structure continues to be the prime of prime sector. But in what ways is this varied sector starting to mature, while also continuing to meet the complex demands of customers, prime brokers and global regulators? Nicola Tavendale writes....show more
Stater Global Markets One Year On
Sponsored Statement
London-based FCA regulated Prime of Prime brokerage, Stater Global Markets has made a significant impact since launching one year ago to offer liquidity, clearing and technology to institutional clients. e-Forex talks to Stater’s CEO, Ramy Soliman to find out about the firm’s success to date and future plans....show more
Gearing up for the Future - Harnessing the power of customised development services for the MetaTrader 5 Platform
FX Brokerage Operations
Since MetaQuotes added hedging features to its MetaTrader 5 (MT5) platform last year, the FX industry is increasingly seeing the transition from MT4 as a viable, if not vital, option. But just how are leading technology vendors supporting this move and what is driving the development of MT5 toolsets one year on? Nicola Tavendale writes....show more
The 5 most common misconceptions made by Risk Management teams
Sponsored Statement
The single most challenging and the most important task a broker has is managing their risk, according to Jeff Wilkins, Managing Director, IS Risk Analytics....show more
Financial Extranets - Reducing the cost and complexity of FX connectivity
Networks, Hosting and Connectivity
Financial extranets’ place in the fabric of the global currency trading landscape are set to grow in importance amid an FX market structure evolving towards greater levels of complexity. As buy and sell side firms navigate fragmenting liquidity across FX markets that are increasingly interconnected, financial extranets are providing a technological fix that fewer firms can do without. Joe Morgan investigates....show more
Reducing barriers to entry - New network and hosting solutions for ultra low latency FX trading
Networks, Hosting and Connectivity
Dan Barnes discovers what network reliability, resilience and security issues need to be considered to safeguard mission critical FX trading operations and the benefits of working with connectivity providers who can offer hardware consultancy, procurement, build, installation and ongoing technical support as an integrated package....show more
CFH Clearing wins Best Liquidity Provider award
Awards
For the fourth consecutive year, CFH Clearing has been named Best Liquidity Provider at the Finance Magnates Awards 2017. ...show more
Gold-i crowned Best Cryptocurrency Solution Provider
Awards
Also at the Finance Magnates Awards 2017, Gold-i was named Best Cryptocurrency Solution Provider. ...show more
Why the ECB could Be Hawkish
Currency Clips
The Eurozone has come a long way from its early days of crisis and its economy has strengthened in almost all countries. For instance, the economic momentum is accelerating at a pace not seen since November 2011. This is despite the fact we have seen enormous amount of political unrest and investors’ confidence wobbled several times over this period. ...show more
A Brexit negotiations breakthrough but the real struggle for the pound now begins
Currency Clips
December has been a ‘hot’ month for the pound with volatility directly linked to progress in the Brexit negotiations. Every time the headlines reported a positive development the British currency rallied only to retreat again when new obstacles came to light. The price action was capped within a narrow range between 1.33 and 1.3550, with the quick changes of direction making investors wonder whether this is a market to make profits, or one which is better to better stay away from....show more
Trimming of the Fed’s optimism
Currency Clips
Contrary to 2016, 2017 has been worrisome for bond investors as the steady flattening of the yield curve offers little returns, while the narrowing spread between short and long term Treasuries seems to agonise many analysts too with their 2018 outlooks; a heavy unwavering concern since the 30-10 Year US Yield Spread plummeted to 0.38% only recently, a 2007 record low....show more
Bitcoin, Doomsday Preppers, Grandpa Joe’s Thanksgiving and all in between
Currency Clips
When I was kindly asked to write this article I knew what to write but not necessarily the graphic to accompany it....show more
Taking the first steps towards a new market structure - Assessing the impact of MiFID II and the FX Global Code
Regulations & Compliance
Looking back, 2017 will be seen as a watershed year for the FX market. After a year of deliberation, the FX Global Code (“the Code”) was published on May 25th and a new Global FX Committee (GFXC) was formed in order to promote and maintain the Code, putting standards and principles into the spot FX market for the first time on a truly global scale. ...show more
NatWest Markets: Agile Markets platform
Platform Profile
When e-Forex interviewed John Quayle, Head of FX Algo Execution, NatWest Markets, to learn about the scope and scale of its Agile Markets platform, it quickly became clear that this state-of-the-art, single dealer offering addressed the complete waterfront of NatWest Markets’ customers’ FX needs from pre- to post-trade. Its range of functionality, its flexibility and future-proofed advanced technology marks it out as a likely significant feature in the e-FX landscape for some time to come. This is what we learned....show more
Execution Analytics - Helping FX trading firms to take more informed decisions
Trading Operations
If best execution is the goal, then helping prove it is the mandate of TCA providers. And for FX markets, measuring execution performance is an activity that has yet to mature even as technology delivers more sophisticated tools. Anna Reitman investigates....show more
Liquidity, Independence, Analytics and Transparency - Why some Institutional FX ECNs still stand out from the crowd
FX e-Commerce and Platforms
Nicholas Pratt explores why Institutional FX ECNs are appealing to increasing numbers of trading firms many of whom value anonymity, low-latency and the ability to use special order types....show more
Solid FX – an ECN built from the ground up
FX e-Commerce and Platforms
The Solid FX ECN launched eight years ago in the Netherlands and was founded by Diego and José Baptista, two brothers with a background in FX and equity trading....show more
Spotlight: IS Prime’s Agency Execution business
Sponsored Statement
FCA regulated IS Prime is renowned for its breadth of services. In addition to being one of the fastest growing and most successful Prime of Prime brokerages, the firm also provides multi-asset execution across Tier 1 aggregated liquidity venues and has a highly reputable Agency Execution business which offers a compelling service to institutional clients. e-Forex talks to Chris Twort, who heads up IS Prime’s Agency Execution business, to find out more....show more
David Mercer at LMAX Exchange - Speaking with a devout exchange evangelist
e-Forex Interview
e-Forex talks with David Mercer, CEO of LMAX Exchange, about proving the exchange execution model as a better, more transparent and fair alternative to trade FX....show more
Cobalt closes in on Q1 launch
Blockchain and CryptoCurrencies
Founded in 2015 with the audacious vision of re-engineering post-trade FX using distributed ledger technology, Cobalt has partnered with key participants including Citi, XTX Markets and Citadel. As the company prepares to launch its service in the coming months, e-Forex talks to co-founder and chief executive Andy Coyne about Cobalt’s journey so far and its ambitions for the future....show more
R3 grows more ambitious as its network widens
Blockchain and CryptoCurrencies
Launched by FX industry veteran David Rutter, R3 now operates in nine countries with 140 staff and is aiming to re-build the operating system for the financial services industry through a series of partnerships. e-Forex talks to head of external affairs Charley Cooper about the strengths of R3’s Corda platform and the potential of distributed ledger technology in FX and beyond....show more
OTC Exchange Network Breaking new ground in Forex
Blockchain and CryptoCurrencies
In a recent edition of CIOReview, the publishers presented a list of the “20 Most Promising Blockchain Technology Solution Providers – 2017.” Included in the list was OTC Exchange Network. This is what the magazine had to say about them....show more
Getting to grips with ICOs
Blockchain and CryptoCurrencies
William Essex explores whether or not blockchain-based tokenised liquidity platforms will justify the “hype” and disrupt the traditional retail FX-trading model....show more
A-Z of Blockchain
Blockchain and CryptoCurrencies
In this our first article exploring the concepts behind Blockchain and Distributed Ledger technologies, Simon Taylor, Co-Founder and Blockchain Lead at 11:FS, focuses on Smart Contracts....show more
View from the Top: Stater Global Markets
Sponsored Statement
e-Forex talks with Ramy Soliman, CEO, Stater Global Markets...show more
Australasia: An e-FX market in transition
Regional eFX Perspective
Electronic FX trading in Australasia is adapting and changing fast. The drivers for this are both local and global and insistent demands from both institutional and corporate buy-side clients are principal factors reports Richard Willsher. ...show more
Retail trading set for a boost
Regional eFX Perspective
New Client Money Reporting Rules coming into effect next year, may boost confidence among Australian retail FX traders....show more
FX Aggregation - Offering access to better liquidity and execution quality
ALGOFX LAB
With David Vincent, CEO of smartTrade Technologies...show more
Collaboration, Cost and Complexity - Work continues on modernising Post Trade FX
Special Report
The FX market has always dealt with fragmentation and complexity but, as Frances Faulds asks, in order to modernise, does the industry need a wholly new model?...show more
TradeTech: Transforming the Retail FX Industry
Sponsored Statement
Playtech Plc’s acquisition of CFH Clearing and Alpha Capital Markets has resulted in the biggest and most ambitious consolidation to have taken place in the retail FX industry. The strength of Playtech’s financial division, TradeTech Group, is unparalleled in the sector. Its B2B solutions include multi-asset execution, prime brokerage services, liquidity and risk management tools in addition to the division’s proprietary trading platform, CRM and back office systems, risk management and dealing services. e-Forex talks to senior representatives from across the organisation to find out how TradeTech is transforming the client experience....show more
Reducing the IT burden - Discover what White Labelling services can offer your brand
ALGOFX LAB
The rapid evolution of the FX space has continued unabated over the past year while demand for cutting edge trading technology remains strong. In turn, the White Labelling model has undergone some profound changes to keep up with the pace of change – even branching out into new services, asset classes and geographies. Nicola Tavendale writes....show more
Meeting exponential demand Delivering FX Liquidity, Risk and Technology services across APAC markets
FX Brokerage Operations
Joe Morgan reports on how increasing levels of disposable income and a culture of speculation is spurring exponential demand for retail FX trading services across Asia-Pacific (APAC) markets....show more
How to maximise Cryptocurrency opportunities
ALGOFX LAB
Having been crowned Best Cryptocurrency Service Provider at the Finance Magnates awards, Gold-i is leading the way in helping brokers worldwide to offer cryptocurrencies to their clients. e-Forex talks to Gold-i’s CEO, Tom Higgins about the ‘cryptocraze.’...show more
Tackling the liquidity crisis with CMC Markets
ALGOFX LAB
The harsh reality is, that in the absence of good liquidity, markets will be far from efficient. The client experience will be poor and counterparties are going to be working even harder to find profitability. ...show more
Retail trading in China - Some thoughts about IBs and the market
Expert Opinion
Everyone understands and is aware that the retail FX business in China is 99% conducted via the IB. The majority of brokers provide all the necessary tools, features, products, rebates, commissions, marketing camp’s, gifts, etc., oriented to attract, keep and satisfy their IBs. Their entire business model is based around IBs. For example at BMFN we have over 10,000 IBs and we have developed all the tools and automated them in order to assist our IB partners....show more
Emerging Market connectivity - The key to capturing new FX trading opportunities
ALGOFX LAB
Reaching natural liquidity when trading EM currency pairs requires a connectivity provider that has the resilience and reach to provide access regardless of local environment as Dan Barnes discovers....show more
Blockchain around the world
Blockchain and CryptoCurrencies
Blockchain around the world...show more
Dollar running on borrowed time as Fed dangle keys to rate cut
Currency Clips
King Dollar’s iron throne will be under threat during the second half of 2019 as expectations intensify over the Federal Reserve embarking on a monetary policy easing cycle....show more
The Euro climbed to 1.1412 but Eurozone uncertainty dampens growth
Currency Clips
Moving into the start of Q3 of the current financial year, the low point - as we can see in our previous analysis back in the start of May 2019 - according to our estimations has been reached (1.11) and the pair has since changed its trend and seems to be rather bullish as the Euro managed to break above significant resistance and psychological levels after two consecutive upward rallies, currently trading around the 1.1330 level, having first reached 1.1412....show more
Yen loses gains amidst mixed fundamentals
Currency Clips
Prime Minister Shinzo Abe has twice avoided raising the consumption tax, quoting domestic and international economic uncertainties. This time however, despite mixed economic signals and the tax’s unpopularity among voters. Abe appears determined to go ahead with raising the tax. His administration last month approved an annual economic plan confirming the hike in order to cover spreading social security costs....show more
Aussie Dollar advances but stoppers are imminent
Currency Clips
The Australian Dollar advanced after the latest official figures cast China’s economy in a resilient light despite the ongoing trade spat with the US. This helped to boost sentiment toward all risk-sensitive assets and leave the Aussie well placed. However constant global rate cut discussions could be about to put the stoppers on the potential for long term upside....show more
The smiling family on the train is not paying in USD
Market Commentary
Much has already been said on the topic of Belt and Road and its affect on the global economy moving forward. There is also debate on, if and when the UK will join other European nations in adopting the grand project officially. One thing that cannot be denied is the important role that London will play as the place to make all of the financial arrangements happen....show more
Is there a case for a shared / utility platform approach in today’s FX market?
Trading Operations
David Woolcock explains why we can expect to see a bright future for shared co-operative platforms in FX....show more
SIBOS London 23-26 Sep 2019
SIBOS 2019
Welcome to our special Sibos 2019 FX Report. This year Sibos is taking place in London and the conference theme – thriving in a hyper-connected world – recognises the challenges, and opportunities that mass digitisation and data-driven relationships present for the Sibos community....show more
The FX sellside is challenged by changing structural dynamics
SIBOS 2019
In 2019, the wholesale FX market is not the market of yore. Formerly, the defining characteristic of the currencies trading landscape was liquidity fragmentation and siloed pools of cash held within geography-specific currency pairings. Following the financial crisis, commercial, regulatory, trading technology costs management and technological advancement pressures eroded the broker-dealer centric market structure in liquid instruments, paving the way for new, exchange-like all-to-all (A2A) market structures within the leading liquidity centres. ...show more
FX Markets: the balancing act between direct regulation, new technology and principles-based supervision
SIBOS 2019
With more than 2,000 asset managers and corporates already using the SWIFT network to confirm their FX trades with and through banks as well as FX platforms and non-bank liquidity providers, SWIFT users can adopt and implement the principles of the FX Global Code in their day-to-day business without incurring significant cost. An asset manager’s use of SWIFT, for example, could itself facilitate alignment with up to 14 of the Code’s 55 principles. Nevertheless, many buyside firms have still not signed up to the Code. eForex spoke to Galina Dimitrova, Director for Investment and Capital Markets at The Investment Association, to discover buyside attitudes to the Code....show more
RegTech in FX Seizing the opportunity
SIBOS 2019
FX market participants have traditionally approached technological solutions for regulatory compliance as a series of tactical projects where the goal is to implement the minimally viable solution in the shortest possible time frame. Given the rapid pace of regulatory change in the past few years, it is easy to see why many institutions have built infrastructure that is regional, siloed by asset class and product, reliant on manual processes, and expensive to update. Here we ask Jeff Heine, Chief Revenue Officer at Ascent RegTech to tell us more about how RegTech can help FX trading firms overcome many of the issues associated with tackling regulatory growth....show more
Exploring the history and key focus of the BIS Triennial Survey
SIBOS 2019
Earlier this year the Bank for International Settlements (BIS) launched the 12th Triennial Central Bank Survey of Foreign Exchange and Over-The-Counter (OTC) Derivatives Markets. Conducted every three years since 1986, the Triennial Survey is the most comprehensive source of information on the size and structure of global foreign exchange and OTC derivatives markets. It aims to help central banks, other authorities and market participants monitor developments in OTC markets and inform discussions about reforms to OTC markets. As we await the preliminary results for turnover which are due to be published by the BIS in September 2019 we asked Andreas Schrimpf, Principal Economist, Secretary to the Markets Committee at the BIS to give us a little background information about the survey and its history....show more
SWIFT works to unlock the value from its FX data
SIBOS 2019
Robust and reliable data is a core requirement for participation in FX markets at any level and in any capacity. But where can such data be sourced in sufficient depth and in real-enough time to hold its value through any transactional or analytic requirement? e-Forex spoke to Juliette Kennel, Head of Securities and FX Markets, SWIFT, and Sam Romilly, Head of FX New Business Development, Capital Market, SWIFT, who can answer that question. ...show more
The role of independent data in meeting regulatory obligations and helping to manage FX costs
ALGOFX LAB
It is important that asset managers are asked to measure their FX transactions against independent data to eliminate any accidental flattering of FX costs by managers. Once the costs are determined it is then a relatively simple task to begin managing them. The most important thing to recognise is that paying too much for FX, delivers no additional benefit for buyside firms whatsoever. It’s simply a drain on their portfolios. e-Forex spoke with Andy Woolmer, CEO of New Change FX, the award winning FX data company to learn more about measuring and managing FX costs....show more
FX Market Data: Overcoming the challenges and unlocking the potential
SIBOS 2019
It has become critical for increasing numbers of institutions across the FX market to have access to accurate market data to meet the growing focus on internal risk and control processes, regulatory compliance and the need to drive market analysis and profitable trading decisions. In today’s competitive FX landscape, gaining and rapidly actioning insight into execution quality and operational efficiency are seen as key to gaining a trading performance advantage. We asked Louis Lovas, Director of Solutions at OneMarketData to provide some perspectives....show more
Improving liquidity management – can the industry rise to the challenge?
SIBOS 2019
Effective liquidity management - and in particular, the management of intra-day liquidity - is a high priority for banks. It’s also a focus for regulators. Why is this, and how can banks respond cost-effectively, compliantly, and above all in ways that enhance their competitive edge with clients? e-Forex went to Angus Scott, Head of Product, CLS Group, for the answers....show more
Exploring the shifting ecology of FX Liquidity and future role of banks as providers.
SIBOS 2019
e-Forex talks to Dmitry Ilyaev, Head of eFX and Spot Trading at Commerzbank...show more
How are people changing their FX workflows to prepare for the next digital age?
SIBOS 2019
Seamless, end-to-end trading efficiency from front-end execution to back-office processing has been a core objective of all FX market participants for many years. Direct connectivity between platforms and FX risk managers is now a reality, thanks to recent innovation in APIs and the broad adoption of connectivity standards. These in turn have enabled FX pricing and transactions to be embedded directly within client workflows - so that even simple processes, from making payments to settling invoices all the way to complex balance-sheet management, can have embedded FX capabilities. But will today’s plethora of established technology providers in the eFX workflow space - delivering services including confirmation matching, aggregation, compression, reconciliation and settlement - be replaced by APIs and other new digital technologies? As innovation continues, are we close to real-time cross-border FX payments? e-Forex spoke to David Leigh, global head of FX spot and electronic trading at Deutsche Bank, to find out what the future holds....show more
How to reduce post-trade costs in FX
SIBOS 2019
Unlike the equity markets, post-trade processing in FX is disjointed. Multiple vendors and market infrastructures compete to message, match, confirm, aggregate, clear, net, credit-check, novate, compress, allocate, reconcile, settle and report trades. Legacy technologies and bespoking of services cause multiple reconciliations which necessitate high levels of manual intervention. As a result, costs and risks are indefensibly high. To discuss how to make post-trade more efficient, SWIFT invited a group of experts to an on-line discussion. Sam Romilly, head of FX new business development at SWIFT, shares with e-Forex what he learned from the discussion....show more
Harnessing the benefits of more automated FX trade lifecycle operations
SIBOS 2019
FX markets are unique not only in their scale but also in their complexity. There are multiple trading paradigms, and also multiple venues where trades may be executed. The FX eco-system is highly fragmented and the case for more automation – more automated FX-trade-lifecycle processes and procedures – has been clear for some time. And yet, automation hasn’t happened yet. Why not, and when will it happen? eForex spoke to Steve French, Head of Connectivity and Messaging for Traiana, about the challenges to automation, its benefits, and the key steps that firms should take on their journey towards implementing automation....show more
FinTech and its role in the future-proofing of FX
SIBOS 2019
Where do we invest next? For FX-market participants working towards digital transformation, one of the simplest challenges is also the greatest: technology doesn’t stop evolving. The flagship investment of today might be the legacy system of the day after tomorrow. William Essex discusses the future-proofing of FX....show more
Technology - Key to transforming the emerging market payments landscape
SIBOS 2019
Crown Agents Bank (CAB) has been a trusted partner to frontier market central banks and financial institutions for decades with a unique expertise in these markets. Serving a wide network of partners across Africa, the Caribbean, parts of Asia and the Pacific islands CAB now offers a range of solutions encompassing foreign exchange, international payments, pensions and payroll payments and trade finance. We talked to Steven Marshall (Chief Commercial Officer) and Colin Digby (Head of Banks and Non-Bank Financial Institutions) at the firm to discover what factors are influencing the fast-developing payments landscape across the emerging markets (EM’s) and what role technology will be playing here in the future....show more
OTCXN – showing us the power of the Blockchain in action
SIBOS 2019
OTC Exchange Network (OTCXN) is a global liquidity aggregation and exchange platform for both digital and traditional assets. All trading, clearing, settlement and lending on their network is powered by proprietary blockchain technology which the firm developed specifically for institutional trading. We asked OTCXN’s CEO, Rosario Ingargiola to tell us more about this....show more
FXTM: A leading financial trading provider that won’t waste your time
e-Forex Interview
The FXTM brand was initially launched in 2011 with a vision to provide superior trading conditions, advanced education and state-of-the-art trading tools for the retail forex industry. Since then the company has grown rapidly around the world winning many awards along the way. Its client centric-business model has been successfully built around high standards of customer service and a continuous focus on tailoring its products to suit specific markets. e-Forex spoke with CEO, Nicholas Defteras, to learn more about how his firm operates and what makes it different from many others in the space....show more
Reviewing the Mobile Trading apps landscape
FX Brokerage Operations
As we approach the end of the second decade of the 21st Century, FX and Crypto trading continues to be a buoyant business sector. In this article the founder of mobile trading app specialist MTP LLP, Paul G. Smith, examines the current state of the art for mobile access to trading systems. There is no longer any question about whether or not a broker needs a mobile presence, the only question is - what should that mobile presence be? However, this article is not going to be so relevant to white label “broker in a box” scenarios, in which the micro-broker does not have any control over its operational or technical infrastructure....show more
Gold-i accelerates development of Matrix
Sponsored Statement
Following recent announcements about the expansion of Gold-i’s development team, e-Forex spoke to Chris James, Chief Technology Officer at Gold-i to find out more about the innovative FinTech company’s current product development focus and future plans....show more
Prime of Primes: Well placed to meet the evolving needs of the global FX market
FX Brokerage Operations
With over a decade having elapsed since the 2008 financial crisis, Natallia Hunik takes a look back over the past 10 years of the FX Prime Brokerage business and outlines why the growth of Prime of Primes looks set to continue....show more
Technological advancements in retail trader platforms
Retail FX trading
In a digital age there’s no surprise that most our time is spent on smart phones. Smart phone statistics have rocketed over the past 5 years with now over 70% of people within the UK and USA owning a smart phone. Has the rise in accessible technology made it easier for retail Forex traders to trade or has it made it even more confusing? That’s what we’re here to tackle....show more
